The Knight News Challenge is a US-based foundation giving away $5 million a year for grants in digital, open-source innovation (http://www.newschallenge.org).
The last day to submit applications for funding is November 1st, and you can get peer mentoring at http://garage.newschallenge.org.
Applications for the 2008-09 Knight News Challenge must follow three simple rules:
1. Use or create digital, open-source technology as the code base.
2. Serve the public interest.
3. Benefit one or more specific geographic communities
So go for it!