Knight Foundation To Grant $25 Million For Community News Experiments

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Finally, someone had some sense to invest in entrepreneurs, instead of trying to do an ad campaign bragging about the reach of newspapers, magazines, etc: The Knight Foundation has launched Knight Brothers 21st Century News Challenge, investing as much as $5 million in its first year in online community news projects. If the quality of entries warrant it, the foundation may spend as much as $25 million during the next five years.
The project will fund “new ideas, prototypes, products and leadership initiatives that use innovative news methods to help citizens better connect within their communities.” The competition is open to anyone, not just the journalism community.
The competition will accept applications (on the website) through Dec. 31, and expects to begin announcing winners in the spring of 2007.
From the site: “We’re looking for great products that might not yield the return a venture capitalist is looking for, but that nonetheless are likely to be profitable and address a social need.”
Related:
$1 Million Seeding Of Micro-Local News
Ten New Local Media Ventures Funded
Disclaimer: I was a Knight Fellow for two years while I was doing my Masters in Journalism at Indiana University, Bloomington.

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