Stephane Connery, chairman of the Sean Connery Foundation, said that the prize would help the charity expand “opportunities for talented young people from Scotland to access rewarding careers in the film industry”.
He added: “My only wish is that Sean could join us to award the prize himself; he would have loved it.”
Connery’s son Jason added that the new award would support “the film festival he so loved, in the hometown he cherished”.
The film festival will run from 15-21 August.
In addition to the new prize the event is also launching a a short film competition, which will have a cash prize of £15,000.