This document summarizes a project between IBM and Cycorp to build a prototype question answering system called PIQUANT that integrates information retrieval, natural language processing, and knowledge representation. The system will explore how to best combine these technologies by balancing knowledge stored in structured databases, unstructured text, and a large common-sense knowledge base. It will also develop strategies for locating answers from different knowledge sources and handling different question types. The goal is to begin exploring how to build intelligent question answering systems that can understand the meaning behind text, not just keywords.