XPRIZE and IBM Watson announced a cognitive computing challenge at a TED presentation Wednesday, asking contestants to both develop and exhibit ways for humans to collaborate with advanced cognitive technologies. 

According to IBTimes, A $5 million prize will go to the contestants that can best demonstrate that their solution to work with artificial intelligence can help solve some of the "world's grand challenges."

The contestants will face off each year at IBM's annual conference World of Watson to compete for interim prizes and advance to the next round. The top three finalists will present their solutions to judges on a TED stage in 2020.