THESE are dark days for the book business. Borders, a once-huge bookseller, announced on July 18th that it will liquidate its remaining stores, leaving nearly 10,700 staff jobless. Publishers will lose a showcase for their wares, which could mean more laid-off editors. Yet the problem is not the supply: writers will still scribble for scraps. Nor demand: American book publishers reported growth across all platforms in 2010. It is just that no one is making money.

The business needs fresh ideas. Enter Unbound, a British effort to “crowd-fund” books. Visitors to its website can pledge money for a book that is only part-written. If enough money is raised, the author can afford to finish it—and the pledgers will get a copy.

Having launched in May, the firm announced its first success on July 18th. Terry Jones, of Monty Python fame, has secured the funds to finish a book of quirky stories. Handsome edited volumes and e-books will follow.

“We can make books work at a much lower level of investment,” explains John Mitchinson, who co-founded Unbound with Dan Kieran and Justin Pollard. The site is like a curated slush pile. It features pitches and excerpts from a handful of established writers, such as Jonathan Meades and Amy Jenkins. Visitors can stump up £10 ($16) for an e-book and a nod in the afterword, or up to £250 for such treats as lunch with the author. Many fans want to sup with Mr Jones, despite the fact that he once exploded after eating a wafer-thin mint.

Over 3,000 pledges have come in, averaging £30 apiece. Authors see a new way to nurture fans and make money, even as publishing budgets dwindle. (Unbound’s profits are split 50-50.) Readers apparently enjoy feeling like part of the creative process. Most readers won’t pay £8.99 for an acclaimed book, yet some will splurge £50 for a signed unwritten one. In these digitally isolating times, the personal touch may work.