London, Aug 5 : An in debt author has come up with innovative money raising strategy- selling shares on his book.
Tao Lin from Brooklyn, New York is selling shares in his next book, to allow him to quit work and concentrate on his writing.
Tao posted details of his "initial public offering" on his popular literary blog last week and claims to have already lined up buyers for five of the six shares.
Investors can pay 2,000 dollars in return for a 10 per cent share of the royalties of Lin's yet to be finished second novel.
Lin said that with potential film and reprint rights included, investors would continue to get dividends "every 6 months for the rest of their lives without having to do anything."
He hopes that this offer would not only help him cover his living costs and also boost sales of the book, but also boost his motivation.
"People who buy shares will actually help me focus more on the novel," he wrote on his blog," Telegraph quoted him, as saying.
"I actually will work better on my second novel, the way the novel is right now, if I have no obligations or responsibilities at all."
"If anyone buys shares they will have concrete motivation to promote me and that also will increase sales," he wrote.
"If people buy shares I will probably, I think, make even more money than if I had not sold shares of my royalties," he added.
Lin assures that the shares can be sold on at any time, and investors will receive cheques in the post every six months after the book's publication, which is due to be in late 2009 or early 2010.
His first novel, EEEEE EEE EEEE is currently at 29,914 in the Amazon.com sales rankings.