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ArtPrize, as the competition is called, was created by Rick DeVos, grandson of both a co-founder of Amway and the founder of Prince Corporation. He was motivated by his desire to start an important cultural event in Grand Rapids, Mich., and by his interests in technology and entrepreneurship, DeVos says.

ArtPrize includes a $250,000 award for its winner, to be determined by a public vote. The second place prize will consist of $100,000 and the third place of $50,000. The remaining members of the top 10 will receive $7,000 each. The three winning artists must either donate their works to ArtPrize or create similar works that will then be given to the organization.

To enter, artists will submit proposals at artprize.org, while venues of all kinds — parks, bank lobbies, businesses, and museums — in Grand Rapids will review the artists' proposals and choose ones to show in their spaces. The artists, if selected, will bring their work to Grand Rapids for 16 days this fall, Sept. 23 to Oct. 10. People who visit the show in person can sign up to vote. Voting will be conducted through cell phones, online, and via other digital media.

Participating artists are not limited to a specific medium.

"It's all completely open," said DeVos. "The idea is to create these frameworks and let innovation happen."