Think you've got a video idea cooler than OK Go, but don't have the cash to produce it?  If you've already had some success on the online channel, help may be on the way.

YouTube has announced a plan to give out $5 million in grants to worth video creators. The YouTube Partner Grants program will invest in select emerging video producers and their goal is "to catalyze the creation of new ideas and production models" from some of the online video channel's more innovative creators.

Here’s how it works:

• YouTube is identifying eligible partners based on factors such as video views, subscribers, growth rate, audience engagement and production expertise.
• Selected partners are contacted by YouTube and invited to submit a Grant proposal.
• Proposals are evaluated by YouTube based on signals which include projected performance, distribution plan, marketing plan, cost requirements and appeal to advertisers.
• If approved, funds are transferred to the partner so they can get started on their project.
• More info here.