IBM to hold $5M Watson technology contest

Wednesday, IBM announced it plans to hold a contest for developers and researchers who can create new technology using Watson as a foundation, according to a Fortune report.

IBM will hold the contest in collaboration with nonprofit X Prize Foundation, according to the report. The competition will run over the next three years. Entrants will share their creations at IBM's annual Watson conference, according to the report. IBM is expected to hand out a total of $500,000 in prizes.

IBM plans to release more contest details in May.

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