Last week, we discussed 5 statistics that make mobile platforms worth paying attention to for journalists.

Now, the application process is finally open for the third and final round of the Knight News Challenge, this time focused on mobile. That makes it time to put your talent where the future is, or at least put yourself and your mobile idea out there for a share of the $5 million prize money. That’s free money to make your idea happen.

Remember, the purpose of these challenges — previously this year they focused around the themes of Data and Networks — is to encourage innovation in the news gathering and reporting business. How could your phone or tablet make that happen? How would you make the revenue part of that awesome idea work? Those are a few of the questions to address in the application. But really, the application is easy — just like the best mobile apps should be — and consists of just eight questions about your idea, how much it would cost, what’s already done and who you are/who you know who’ll help you succeed.

The application process opened today, Aug. 29, and runs through Sept. 10. Sounds like a good use of the Labor Day weekend (in the U.S. at least this is a holiday, but the News Challenge is open to anyone, anywhere). For more background, read the FAQ.

You can follow along on the ideas submitted so far on the News Challenge Tumblr. That’s also where the application form is. For more background, read about this challenge here.

Winners will be announced in early 2013. The winners from the second round, on Data, are expected to be named in mid-September.

Good luck!