Wayans is best-known for his work on the classic TV sketch comedy show "In Living Color" and the family sit-com "My Wife and Kids."
The Los Angeles Times said Wayans' new free Web site will feature videos produced by up-and-coming comics chosen by Wayans.
"There's a lot of initial attempts at these sites but no one has dominated like the way Comedy Central dominates cable," said Tim Chang, a principal at Norwest Venture partners, who has been informally advising Wayans. "Damon is used to these skit formats; his strength is in putting out content quickly."
Wayans said he intends to thoroughly commit himself to the project.
"I'm there, overseeing this, working with the talent, nurturing them," Wayans said.
While many people already look to the Internet for entertainment, the Times noted even more might do so now that the Writers Guild of America has shut down production on nearly all scripted U.S. television shows.