We present a brief overview of the main challenges in the extraction of semantic relations from English text, and discuss the shortcomings of previous data sets and shared tasks.This leads us to introduce a new task, which will be part of SemEval-2010: multi-way classification of mutually exclusive semantic relations between pairs of common nominals.The task is designed to compare different approaches to the problem and to provide a standard testbed for future research, which can benefit many applications in Natural Language Processing.