Mega Producer Sean Garrett Launches New Record Label, Contest for New Talent

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.