147 teams are competing in IBM Watson's AI Xprize, in which participants have to come up with bold solutions for humanity's biggest problems using AI.

10,000 entries for the AI XPrize has been reduced down to the final 147 best proposals. IBM Watson announced this competition back in June, in which teams are asked to address an issue of their own choosing, and then try to solve it using artificial intelligence.

This means that we see a myriad of different challenges tackled by a plethora of teams focused on solving them through this exciting new technology. The final 147 teams in the competition come from 22 countries and they will compete for a $3 million cash prize.

In an interview with TechCrunch, Amir Banifatemi, XPrize's lead for this competition said, “Unlike other prizes that have a very specific end-point in mind, we’re asking teams to be more free, in terms of the problems they’ll be solving.” He continued, “Because AI is involved in everything, we’re asking teams to frame the problems that are grand challenges, and use those grand challenges as a backdrop and try to come up with a solution address them.”

The teams submitted their plans mach in March and they now have until September to prove that their solutions can actually work. Once they do that, a panel of experts will go over each proposal, and the teams successfully moving into the next round, which takes place in January next year.

There will be further rounds in 2018 and 2019 and then the final three teams will present their projects that the TED 2020 conference. The audience and people following the conference online will get to vote for the winner.

The winner will walk away with $3 million in prize money. The team coming in second will get $1 million and the team in third place will be awarded $500,000.