The Fashion Fund Season 3

After months of preparation, designers from across the country submit portfolios to try to become a Vogue/CFDA Fashion Fund finalist. Anna Wintour, Diane Von Furstenberg and the selection committee review the submissions and begin the search for the next great American designer.

The judges deliberate and decide on the top 10 finalists for the Vogue/CFDA Fashion Fund. CFDA CEO Steven Kolb delivers the good news. Anna Wintour reveals details about the grueling competition ahead.

The pressure is on as the designers prepare for the their first challenge, "5 Looks in 15 Minutes." Meanwhile, industry leaders evaluate the designers' current businesses, pouring over their books to determine if they have the savvy to build a successful brand.

Designers present "5 Looks in 15 Minutes" representing their collections past, present and future. They're put on the spot as the judges ask hard-hitting questions about their brand, business and aesthetic. Frontrunners emerge. The judges debate who performed well and who cracked under pressure.

Designers get a crash course in experiential marketing at the Kate Spade headquarters. They are challenged to create an immersive marketing event with little time and money to present to a critical panel of judges. Anna Wintour and Mark Holgate visit Rio and Aurora's studios to see their businesses up close.

It's Women's Fashion Week and all eyes are on the designers. Some produce elaborate runway shows and presentation. Anna visits Thaddeus' studio and challenges him to create a women's collection in time to show. David Hart, Cadet and Baldwin also decide whether to create a womens' collection or miss out on the opportunity.

Designers are given a once-in-a-lifetime opportunity to be showcased in a star-studded Vogue magazine shoot aside Kendall Jenner, Gigi Hadid and Nick Jonas. Designers are presented the $20,000 Fossil Design Challenge. A few exceed expectations, while others are sent back to the drawing board. Rag and Bone visits Jonathan Simkhai to discuss his presentation skills.

Designers present their final looks for the Fossil Design Challenge inspired by cultural events from Star Wars to Burning Man to Broadway. Selby Drummond, Vogue accessories editor, grants the designers access to the famous Vogue closet and helps style the outfits before presenting to the panel of judges.

The designers head to LA for the final challenge of the competition, the Instagram Challenge. The designer's lines are presented at The Vogue/CFDA Fashion Show hosted by Kim Kardashian and Kanye West at the Chateau Marmont. It's a star-studded event with Reese Witherspoon, John Legend and other celebrities whose endorsements could make a fashion career.

Diane Von Fursternberg and the selection committee make final site visits to the designers. The judges deliberate and fight for who they believe can become the next great American designer. The winners are announced at the annual CFDA/Vogue Fashion Fund award dinner. However, the announcement isn't what anyone was expecting.