Can a New Startup Profit From Offering Free Textbooks? Flat World Knowledge Co-founder Eric Frank on his new vision of publishing.
Frank recently spoke with Book Business Extra about his and Shelstad’s new venture.
Book Business Extra: What are the problems with traditional forms of textbook publishing?
Eric Frank: … I definitely don’t think there’s greed or malice in this market. I think there’s a business that has had its distribution and model disrupted by a combination of rising prices—beyond what students [are] content to pay—coupled with the distribution of … lower-priced alternatives [via the Internet]. … Their investment is going down. They’re trying to create a high-quality product; they’re trying to preserve revenue. It’s very difficult for them to turn the corner and say, “We have to do something new rather than make short-term fixes,” [such as] raise prices on books … and [publish] new editions. … I understand why you turn to those things. The bigger question is, what models … will publishers turn to to invest and get a fair return?