Under Armour is doing its part to prime the next generation of designers. The activewear company is collaborating with students at Parsons The New School for Design to provide creative direction for its fall 2012 collection. During the spring 2011 semester, Parsons students have divided into five teams consisting of a fashion student, a merchant and an accessories design student to create collections in five categories — men’s basketball, men’s golf, men’s and women’s training and outerwear and women’s yoga. The designs will be presented to Under Armour Inc. executives on May 12, and the winning team will be awarded a cash prize of $2,000 each, one month of paid ground transportation, and the opportunity to participate in a mentoring program at Under Armour in June. The winning designs will also be displayed at Under Armour headquarters or in its Annapolis, Md., retail store.