The concept is simple.. think of something awesome that you want to do... and these folks will give you the money to do it. How much money? $1000 (More than enough). How awesome does it have to be? That's up to you.
Every community in the world should adopt this idea. It doesn't take much, in the case of #kwawesome, it only takes 12 people giving money 6 times a year. If you do the math, that basically means for $500 you could potentially be funding 6 truly awesome projects a year. This is almost a form of micro-level venture capital and certainly one that should be shared among many communities. Can this happen in 3rd world countries where there may not be so much money to pass around? Sure. Just replace the money with resources of some kind, because ultimately that's all money really is.
Here are 3 (of probably a 1000) reasons why this is such a brilliant idea:
1. It's simple, so simple that it can be replicated, and should be.
2. It is built around a community - One of the questions in the application is "How will your idea impact our community?" This forces applicants to think of something greater than themselves, which is something this world needs more of.
3. It will inspire people to action - The smallest ideas may in fact be the ones that change the world. There may be someone out there who has an idea for the next YouTube/Twitter/Facebook (YouTwitFace as Conan would say) and this may just be the kick in the pants he or she needs to get started.
I encourage you to learn more about the KW Awesome Foundation. It may just inspire you to start a foundation in your own community... which of course... would be #awesome.