Apple Co-Founder Funds Video Startup

Apple Co-Founder Funds Video Startup

By Michael Estrin
July 30, 2007, a little-known internet video company, stole a little
of the digital spotlight late last week when Apple co-founder Steve
Wozniak and Red McCombs, who co-founded Clear Channel Communications,
said they would provide the firm with venture capital.

"All the technology we see on the internet is 1994 technology," Luke Thomas, Hotswap chairman, told Reuters. "You will see e-commerce take off with the advent of high-quality video."

According to Wozniak, Hotswap’s solution to bring internet video into the 21st century is likely to yield results.

"I like what they’re doing," said Wozniak. "It’s definitely a step forward."

Hotswap is currently seeking to patent its video compression technology.

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