Our good friend and Dossier contributing editor Pamela Love is one of the ten finalists for this year’s CFDA/Vogue Fashion Fund Award. Talking to her about it a few weeks ago, I realized how much I didn’t know about what it is, the process for applying, and how the award itself works.

The basic deal is that anyone can apply. In truth, though, the original, probably massive, pool of applicants is quickly narrowed down to 100 designers who are invited to put together a more thorough proposal. The submit a ton of information about their business, including a run-down of their strategy, organizational structure, and a portfolio (the portfolio is where people are asked to get fancy – Pam showed me pictures of hers and it was an incredibly beautiful handmade box with a leather book inside, all packaged in a custom bag. She said it was so nice she almost had a hard time sending it). From those 100, 10 finalists are chosen to give a presentation in front of the judges (including Anna Wintour, Julie Gilhart and DVF), and then from those presentations, three winners are picked. The top prize is $200,000, and the two runners up get $50,000 each. All three winners get business mentoring from a team of industry professionals, and of course a ton of press.

The other finalists this year are Joseph Altuzarra, Christian Cota, Prabal Gurung, Robert Geller, Eddie Borgo, Oliver Helden and Paul Marlow of Loden Dager, Moss Lipow, Gregory Parkinson, and Billy Reid. Pam is this year’s only woman finalist, and one of two jewelry designers (the other is another friend, Eddie Borgo). A jewelry designer has never won, so I personally have my fingers crossed that this is the year that changes. And even if she weren’t one of my best friends I’d be rooting for the only girl. Obviously.