San Francisco - BitTorrent Co-Founder Ashwin Navin is stepping down as President to focus on a new tech incubator he is launching along with a few other high-profile tech entrepreneurs. According to a note Ashwin sent out yesterday, he has partnered with YouTube's Steve Chen, MySpace's Aber Whitcomb and HotOrNot's Jim Young and purchased a small building in the Mission District of San Francisco where they intend to build "a physical environment conducive to innovation, collaboration and company formation."

According to NewTeeVee.com, Steven Chen has no plans to leave the company he co-founded and Aber Whitcomb currently remains Myspace's CTO while Jim Young reportedly has left the day-to-day involvement in HotOrNor after it was acquired earlier this year for $20 million, according to TechCrunch.

Ashwin Navin will retain the title Co-Founder and join the Board for BitTorrent while investing most of his time and money in his new venture:

"... we want to invite the next generation of tech entrepreneurs to use the facility as their initial base of operations. We intend to invest our time and money among this group trying to hatch the next few big ideas," writes Navis.

Jay Baage