Wintour on New Reality Show, Awards Season Fashion

Some of fashion's biggest names including Vogue editor-in-chief Anna Wintour, designer Diane von Furstenberg and Jenna Lyons, president and executive creative director of J.Crew, recently gathered in New York City's Toro restaurant to toast the launch of The Fashion Fund -- a reality TV show airing on the Ovation channel that follows the annual CFDA/Vogue Fashion Fund competition -- where they didn't hold back when it came to discussing this year's awards season fashion so far!

According to Wintour, celebs aren't taking enough chances on the red carpet.

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"I wish someone would take a few more risks," she told ET. "They all look great, it's just they're all the same!"

"I would love to see anything other than just a straightforward gown," Lyons agreed. "A pants suit, a jumpsuit, anything, please!"

The powerful trio discussed Ovation's upcoming reality show, which follows Wintour and the Council of Fashion Designers of America (CFDA) taking aspiring designers on the journey of a lifetime -- the competition for Fashion Fund Designer of the Year.

Each week, designers from 10 emerging labels are put to the test through increasingly challenging steps of the competition. Judges such as Diane von Furstenberg and top-level executives from Nordstrom and Neiman Marcus, determine who wins the ultimate prize of $300,000 and a one-year mentorship with an industry expert.

Video: Diane von Furstenberg Has Some Surprising Fans of Her Wrap Dress

"What is wonderful about going through the experience of the CFDA/Vogue Fund, is that even though you don't win, just to go through the process of the test -- already you learn something," von Furstenberg explained.

In fact, it's the coveted mentorship itself that's a priceless gift.

"A few years ago, I mentored Alexander Wang," she recalled. "And now he's worldwide. He now designs for Balenciaga."

"One of our very very first winners was Jack and Lazaro from Proenza Schouler, who are now the biggest stars in American fashion for their age group," Wintour added.

Check out the video to hear 2010 CFDA/Vogue Fashion Fund runner-up Prabal Gurung on how the competition changed his life, as well as his thoughts on dressing Sandra Bullock and Zoe Saldana for this year's Golden Globes!

The Fashion Fund premieres on Ovation on Wednesday, January 22 at 10 p.m. EST.