isn't resting on his laurels -- he's still out there looking to discover new talent ... with a modernized"Star Search"-type strategy.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.
Red Foxx went broke doing the same thing.
There is no more talent left.
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