but don't fret! This is only the first year, in which 5 of 15 fellows will be selected. There will be a fresh new round of applications in 2012. I recommend jumping on the listserv http://mzl.la/mojolist to stay in the know
I should also add that your idea doesn't have to be a fully fleshed out proposal, just a good "napkin sketch" that can later be hashed out at the Learning Lab (where the 60 best ideas will be developed and later prototyped)