On Wednesday evening in New York, fashion's elite gathered at the Proenza Schouler store on Greene Street in Soho for the announcement of the 2016 CFDA/Vogue Fashion Fund finalists. With past winners including Proenza Schouler's own Jack McCollough and Lazaro Hernandez, Joseph Altuzarra, Alexander Wang, Dao-Yi Chow and Maxwell Osborne of Public School and more, the pool of chosen brands is a hotbed of emerging American talent, with the "next big thing" likely in the mix. After a highly selective application process, 10 young labels — whose specialties range from eyewear to streetwear to classic womenswear — were handpicked to compete in a series of challenges for the grand prize: $400,000 to help grow their business. In addition, two runners up will win $150,000 a piece when the competition comes to a close on Nov. 7.

Read on to see the full list of the CFDA/Vogue Fashion Fund finalists, and get familiar with these names before they hit the big time.  

Adam Selman (ready-to-wear): Adam Selman

Area (ready-to-wear): Beckett Fogg and Piotrek Panszczyk

Brock Collection (ready-to-wear): Kristopher Brock and Laura Vassar

Chloe Gosselin (footwear): Chloe Gosselin

Ji Oh (ready-to-wear): Ji Oh

Krewe du Optic (accessories): Stirling Barrett

Morgan Lane (lingerie): Morgan Curtis

Newbark (footwear and accessories): Maryam and Marjan Malakpour

Rochambeau (menswear): Laurence Chandler and Joshua Cooper

Stampd (streetwear): Chris Stamp