Dive Brief:

• 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. 
• 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. 

Dive Insight:

Companies are striving to advance the realm of artificial intelligence, heavily investing in cognitive computing research. Many believe that artificial intelligence could help usher in the next era of technology, with advanced analytics and machine learning technology changing every field, from manufacturing to healthcare. 

Executive Chairman of Google, Eric Schmidt, thinks that AI could help solve the world's "hard problem," in areas like "population growth, climate change, human development and education." AI can help scientists work through large data sets, helping to show cause and effect relationships that a human brain could miss,  Schmidt said. 

With the competition, IBM is working to create an environment that can help "accelerate the creation of landmark breakthroughs" in cognitive computing. The competition winner could help IBM find new ways to apply its powerful cognitive system Watson's analytic capabilities (other than in the area of craft beer).