[12] Wood left Macromedia in September 1997 to launch ReplayTV, a digital video recorder (DVR) maker.

[13] Wood began working on the DVR development reportedly after being "frustrated" at missing episodes of Star Trek: The Next Generation.

[13] In 2021, Wood and his wife, Susan, donated $48.2 million to create the "WoodNext Foundation", a Texas based philanthropy.

[16] Its priorities include mental health, homelessness, scientific and biomedical research, disaster recovery, and economic opportunity with a focus on addressing root causes.

[17] Wood made $71 million in charitable commitments in 2022, and appeared on the Chronicle of Philanthropy's list of America’s 50 biggest donors.