#waywire: CNN for Gen Y

Founded by Newark mayor Cory Booker, Nathan Richardson, and Sarah Ross, #waywire is a new video news network for millennials. The site, which is set to launch in beta later this summer, will feature original and syndicated news content that targets today's youth. According to a press release, “The idea behind #waywire came from Mayor Booker and grew from his desire to shift America's public conversation away from divisiveness toward a debate focused on achieving solutions.”

The company plans to have 10,000 minutes of original content hosted by millennial newscasters when #waywire launches. Viewers can upload their own video responses, as well as get a chance to become part of the site's curators, based on a badge and reward system.

#waywire has already raised $1.75 million in capital from investors such as LinkedIn CEO Jeff Weiner, Eric Schmidt's Innovation Endeavors, and Oprah Winfrey. Richardson leads the company as CEO, and Mayor Booker will act as advisor while he remains in public office.