August 21, 2007

"iWoz" Steve Wozniak Backs Internet Video Venture

The brainchild of three twentysomething former University of California grad students, Hotswap.com has secured big backers, including Apple co-founder Steve Wozniak and Red McCombs, co-founder of Clear Channel Communications.

"I like what they're doing. It's definitely a step forward," says Wozniak, the Silicon Valley wunderkind who formed Apple with entrepreneur Steve Jobs in 1976.

"Woz," or "iWoz," as he's also known after his book of the same title, said he signed on as an adviser to the company to "give them ideas that come into my mind."

Hotswap emerged from graduate computer science research into digital "compression" technology, making common digital camera movie clips look like high-definition television on web sites.

Luke Thomas, the 21-year-old former grad student, now Hotswap's chairman, says:

"All the technology we see on the Internet is 1994 technology. You will see e-commerce take off with the advent of high-quality video."

And I thought it'd already taken off with Amazon!

See an example here and decide for yourself....


hotswap.com


(They provide a link for sharing, not an embed code, which makes sense considering this is an e-commerce site.)

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