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I had a similar idea a while ago, but it would work better with writers within the same genre, not just a mishmash of whatever. It would also need to be free and available from every writer involved through the sort of places people go to buy ebooks. That way everyone would share each other's existing reader-base (if they have any).
You could also maybe club together and pay for a short story from someone who is already reasonably established in that genre that you could use to draw people in.
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