It's fairly young. It has gone through about a year's worth of seed funding. It's hard to tell how effective it is. They are getting start-ups, but there are start-ups that are being funded by many other organizations and groups, and some of them seem to be playing an important role at the local level.
Now, there are some that are important that are playing a role in investigative and national level journalism, but the local level tends to be more community-based funding. Community foundations and others seem to be providing that most often.
In other countries, the Netherlands, for instance, has had a media loan fund to support start-ups, transformations, and other things, and that's helping as well to meet the needs of local communities and minority communities.