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"There are literally tens of thousands of writers out there - and we have a responsibility to help them. We can't do that by paying a half million advance to every author."
According to Barnard, books will appear in main Pan Macmillan catalogue and would be "very posh books" with ribbon markers, sold at £15. He expected them to become "collectors' items".
Scott Pack, of Waterstones, welcomes initiative. "I think it's a fantastic idea," he said. "When books are presented to me by publishers they prioritise ones to which they have given large advances. But bestsellers are not necessarily ones that have had big advances. This creates a level playing field."
Pack believes scheme could be great for spotting new talent, and points to examples of self-published books that found success not going route of conventional publishing.
We think if you've spent years working on your novel with no success in finding an agent, then Macmillan's New Writing Scheme may well bring you success you've been waiting for.
Pros: Once in a lifetime opportunity 20% of Royalties from Sales Creates level playing field for new talent
Cons: MacMillan will acquire all rights to new manuscripts No Advance Paid Possibility sharing of editing costs Less control
More detail about MacMillan New Writing can be found here.
Ever wondered how to get published? Self-publishing is quicker and more profitable than dealing with publishers. Our free guide will quickly show you how to publish your own book and begin reaping the benefits of your work. For more go to http://www.Merlin-Publishing.com