Behind every billionaire there is a story!

Apple co-founder backs Internet video venture

An Internet video brainchild of three twentysomething former University of California grad students has won big backers, including Apple co-founder Steve Wozniak and Red McCombs, co-founder of Clear Channel Communications.The billionaire moguls are backing a tiny venture-backed company, Hotswap.com, which has ambitious plans to feed a growing demand for high-definition-like Internet video for everyday e-commerce uses, such as consumer car sales, its founders said.

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

published by Reuters here:

http://www.reuters.com/article/technologyNews/idUSN2724266220070727