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FAQ from knightcontest.com

What if my project is a total failure?

If you are awarded a grant, Knight Foundation will work with you to help
you succeed. We will bring our resources and experience to your aid,
where feasible. Nonetheless, sometimes ideas still don’t work out. If
that happens, the important thing is to learn from the experience.
That’s why we call these projects “community news experiments”.
Experiments fail all the time, but at least if you are rigorously
honest, you learn what didn’t work.