Founded by Barry Renshaw and Cassandra Conroy in May, the scheme aims to unearth new talent by providing a platform for budding comic book artists and writers.
"Breaking into comic books has never been easy and I think it's great that Barry and Cassandra are devoting their energies to helping newcomers from around the world get their foot on - and up - the ladder," said Lee.
"I'm delighted to add my name to the Eagle Initiative and wish every contestant all the best, both with their entries and their subsequent careers. Who knows, this ambitious project might lead to the discovery of a 21st century Jack Kirby, Steve Ditko... or Stan Lee."
The initiative is affiliated with the prestigious Eagle Awards. Founder Mike Conroy is serving as a consultant and publicist for the event.
"Things just keep getting better for Barry and Cassandra. The industry has been behind them from the start but to get backing from the living legend that is Stan Lee just turns things up to 11," Conroy added.
Submission guidelines for the Eagle Initiative are available via its official website.