From e-commerce start-ups to portals and auction sites, the explosive growth and acceptance of the Internet has lead to a dearth of executive talent within the booming industry.
Since 1992, Winebaum oversaw Internet-related initiatives at Disney, a traditional media company that has aggressively expanded online with its acquisition of Infoseek and the creation of the Go Network.
Under Winebaum, Disney's online ventures had mixed results, according to analysts.
"I felt that it would be a good time to turn over reign to pursue my dream to be an owner and have Disney and Sky [Dayton] as my partners," said Winebaum, who will claim an ownership stake in the new firm.
Winebaum is not alone in his move to the Net.
Former Disney Online president Richard Wolpert recently formed CheckOut.com with Hollywood power broker and fellow Disney alumnus Michael Ovitz.
Disney and EarthLink will invest in Winebaum's new company, which will fund and develop Net-based firms.
News.com's Jim Hu contributed to this report.