In a year marked by book business veterans launching companies rooted in alternative publishing models, the latest such venture comes from a former bookselling executive and two former politicians.
Compass Rose Publishing is led by Robert. J. Mrazek, a former five-term congressman turned author, who is chair and publisher, with former American Booksellers Association CEO Oren Teicher serving as co-chair. Steve Israel—who left the U.S. House of Representatives after eight terms, wrote two books, and opened the indie bookstore Theodore’s Bookstore in Oyster Bay on Long Island—is partner and industry advisor at the new press.
Mrazek, who led fundraising efforts to launch the new company, said the funds raised give Compass Rose a three-year window to become profitable. The company will operate as a hybrid publisher, offering no advances but giving authors 50% of net royalties. Compass Rose plans to release its first book next February, with plans to release a book a month, with distribution through Ingram. Its list will feature a range of categories, including memoirs, literary thrillers, high adventure, mysteries, and classics; titles will be available to order directly from select independent bookstores, as well as made available via the ABA’s IndieCommerce website and Bookshop.org.
The three founders hope that the press’s close ties to the independent bookselling community will help set it apart from its competition. In addition to bringing Israel’s bookstore experience to bear on the business, the press has established an advisory board of independent booksellers who will actively provide input on editorial content and future titles.
In addition, Compass Rose will partner with hundreds of indie bookstores across the country to harness their collective economic muscle while promoting those books directly to their readers. According to Mrazek, the press will send participating bookstores a digital promotion package in advance of the release of each new title, which Mrazek hopes booksellers will promote to their complete email lists. To pay frontline booksellers for their time, and to acknowledge that booksellers often serve on industry boards without compensation, Compass Rose has allocated $50,000 annually to pay booksellers for their participation with the publisher.
The company’s staff includes four editors led by VP and senior editor James D. Bock, who had worked at Crooked Lane Books and Alcove Press. In addition to recruiting a team of contributors to help with such areas as design and production, Compass Rose has hired a full-time team of liaison support staffers, which will be in ongoing contact with the bookstores that choose to partner with the publisher, Mrazek said.
The current advisory board consists of representatives from Blue Willow Books in Houston; Books & Books in Miami;. Flyleaf Books in Chapel Hill; Green Apple Books, San Francisco; Norwich Bookstore in Norwich, Vt.; Politics & Prose in Washington, D.C.; Powell’s in Portland, Ore.; Print: A Bookstore in Portland, Me; the Kings English in Salt Lake City; Theodore’s in Oyster Bay, N.Y.; and Water Street Books in Exeter, N.H.
The launch of Compass Rose is only the latest effort this year to start a publishing company that doesn’t conform to traditional publishing practices. The initiative that has gained that most attention to date has been Authors Equity, which launched in March and is headed by Madeline McIntosh and Don Weisberg, who served as CEO of Penguin Random House US and Macmillan, respectively, and Nina von Moltke, most recently president and director of strategic development at PRH US. Authors Equity is using a hybrid business model—no advances in exchange for a higher royalty rate—and has received financial backing from five authors.