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YouTube co-founder Chad Hurley readying new video service

Since leaving YouTube in 2010, co-founder Chad Hurley (pictured, above) has been busy with new projects, but none, until now, has looked like threatening the company he helped create.

During a SXSW Q&A with Digg founder and current Google venture partner Kevin Rose, Hurley revealed that he was pursuing another video-related venture.

"I wish [SXSW] was a month later because I could unveil the new product," Hurley said. Without offering many details, he said the product is "primarily video-based ... and gives flexibility for people to work together and create content," AdWeek reported.

Hurley doesn't seem to be targeting his former baby; he said over the weekend that "We're not setting up to [kill YouTube] — now." Instead, he wants to create a platform for collaboration, as opposed to individual sharing, according to AdWeek.

No further details have been revealed about the mystery project, including its name, launch date, or specific purpose. YouTube did not immediately respond to a request for comment.

The entrepreneur has a knack for quietly launching his products, including last year's Zeen, a magazine discovery and creation site that opened in beta form in July 2012. The website is a product of AVOS, the Google Ventures-backed company Hurley and fellow YouTube founder Steve Chen set up. AVOS also owns Delicious and its Chinese counterpart,

The SXSW discussion also touched on Google's $1.65 billion (£1.1bn) acquisition of YouTube in 2006, which was apparently hashed out over many meals at a local diner. Hurley explained that he and Chen met with Google's Eric Schmidt and Sergey Brin at a branch of popular US breakfast chain Denny's, a week after chatting with Yahoo execs at the same eatery.

And the rest is history.

"Yahoo didn't necessarily step up the way Google did," Hurley said. "We knew they were going to give us the support."