If you’re feeling the pinch of the credit crunch (and really, who isn’t?) then get your creative cap on as Vodafone have launched at $3million fund in its Wireless Innovation Challenge.

According to Mobile Crunch The Vodafone Americas Foundation are looking for “wireless technology that can change the world,” so if you’ve been sitting on an idea that you keep bringing up at the pub every Friday night, now is the time to make your life-changing dream a reality.

The prize pool has been divided so that $600,000 of the total fund will be handed out as cash grants to winners of the Wireless Innovation Challenge.

The first place winner will walk away with a cool $300,000, second place will receive $200,000 and third place a not-to-be-sneezed-at $100,000.

Before you start thinking about how to argue that turning your mobile phone into a torch will change the world, Vodafone’s mission here is to “address critical social issues around the world,” so you may need to think a bit bigger.

Specifically, they’re looking for ways to make the world a better place in the areas of health, education, economic development, the environment, and communication access.

Applications close on February 2, 2009, when 8 finalists will be chosen to make in-person presentations in March. The lucky and no doubt, innovative winners will be announced in April.

Source: Mobile Crunch