Given that he helped found YouTube back in 2005, it’s safe to say Chad Hurley knows a thing or two about online video platforms. At the relatively tender age of 35, Hurley still has plenty of entrepreneurial zest, and he is focusing his energy on a new endeavor: a video sharing site he hopes will rival YouTube.

Hurley discussed the project at an SXSW Q&A with Internet person Kevin Rose, where he discussed how it is “primarily video-based…and gives flexibility for people to work together and create content.” While that is a vague statement, I would guess Hurley is planning plenty of social media features for his upcoming venture. Could it be the Instagram of online video, or something similar?

Such a service could run alongside YouTube rather than against it, and this seems to be Hurley’s intention. “We’re not setting up to [kill YouTube]—now,” he said, “there’s always going to be a place for YouTube.” By finding its niche, Hurley’s site could coexist as other peripheral video sharing platforms (Vimeo, Blip, Hulu, etc.) do now. Will it overtake YouTube and make Hurley even richer? If any man can full off such an ascendance, YouTube’s founder is the one who knows what it takes.