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Sean Garrett I Launched a New Record Label ... Future Legends Wanted!!!

Renowned record producer Sean Garrett isn't resting on his laurels -- he's still out there looking to discover new talent ... with a modernized "Star Search"-type strategy.

Garrett and music executive Max Gousse co-founded a new record label called Hey Young World, and Sean joined "TMZ Live" to explain how he's not looking for new artists -- instead, he's "Looking for Legends."

He's teaming up with iHeart Radio to find a diverse crop of fresh talent in 5 different categories -- pop, R&B, hip-hop, Latin and country -- and applying is as easy as submitting a video.

From there, the contest will enter a top 30 phase in which the finalists will perform live in front of Sean and some other judges ... with 5 record deals at stake.

And if you aren't familiar ... Garrett's resume includes writing and producing hits for Ciara, Mario, Nicki Minaj, Pussycat Dolls and most famously -- Usher's "Yeah!"

Sean told us he's confident he can find new artists to follow in those huge footsteps, but you gotta submit your video before Aug. 22.

We're already know one place the winner's gonna pop up. We're holding ya to it, Sean!!!

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