Is there a deadline for the prototype fund?

No. Applications are accepted on a continual, rolling basis. You can expect to hear from us regarding our interest in your project within 4 weeks.

What types of funding are available?

The prototype fund is only available as a grant, either to a nonprofit or for-profit organization or an individual, for charitable activity (such as open source development, public education, and so on). You can read about our other funding options here http://knightfoundation.org/apply/

What are the intellectual property terms of the prototype fund?

You can read our standard IP policy here http://knightfoundation.org/apply/ip-licensing-policy/

What are you not looking for? 

Several people have approached us asking to fund their start-ups. The fund isn’t meant for that. It isn’t designed to fund whole projects, but instead limited scope prototypes that allow you to test the major part of your idea. Through funding, we hope you'll discover whether your idea works, and if not, how to improve it so that it ultimately will.

More 

Blog Post: "Knight Prototype Fund: building and testing new ideas to push media innovation forward" by Michael Maness on Knight Blog

Prototype Fund Application Form: http://www.knightfoundation.org/prototype/