EurekaFest is a yearly event held at the Massachusetts Institute of Technology that showcases the prototype inventions of high school students from around the country. The inventions consist of various gadgets and devices aimed at helping solve real-world problems.

One of the more impressive ideas I saw during the two days I spent covering the event was a prototype “sensing” cane for blind people. The cane features sensors that can detect objects up to eight feet away, at which point the cane’s handle begins buzzing once per second and increases in intensity as objects get closer.

Mochi Media, the fast growing Flash game advertising network and payments platform that we covered last week, is in the midst of an internal battle over the fate of the company.

The company is mulling over an acquisition offer that would give investors Accel Partners and Shasta Ventures their original investments of around $14 million back, but not much more. Founders and other employees wouldn’t make much from the sale.

Normally this is an easy offer to turn down. The company is doing well and has “plenty” of money left in the bank, sources say. The founders obviously would want to continue to grow the business and hope for a good outcome.

But for some reason at least one investor, Ping Li from Accel, wants to close the deal and take his original investments off the table. He has been pressuring the founders and management team to accept the terms offered, multiple sources say.

That’s left the founders frustrated, who apparently turned down an offer from Time Warner to acquire the company for $65 million or so a year ago. Li convinced the founders not to take that deal, sources say, and instead raise more money to go for a “home run.” Now, a year later, Li wants to sell the company for a small fraction of that $65 million.

Sense of Fashion is an Israeli startup that aims to be a marketplace for both Indie fashion designers to sell their designs and for consumers to be able to access clothes made by aspiring designers. The site also serves a social purpose—it lets any user create a fashion homepage of sorts where you can add photos of what you wear your favorite clothes and designs. Designers can create storefronts on this platform as well.

The site has ambitions to be more than just a marketplace for new and interesting fashion. The site hopes to connect shoppers, designers and trendsetters. Designers can tap into a potential customer base of users who have created their own fashion pages and users can influence designers by commenting on designs and fashions posted on the site. Users can also interact with other shoppers on the site. For example, Sense of Fashion has a “Fashion Emergency” feature that allows you ask friends to vote and choose which item of clothing looks best on you.

If you own an iPhone, chances are you have at least one Twitter client on it. And while everyday seems to bring new ones into the App Store, at the end of the day, Tweetie always seems to be the one that I go back to. TwitterFon, Twitterriffic and most recently, TweetDeck, all are worthy challengers, but I find each of them lacking in some regard. Usually, it’s either speed or simplicity. Tweetie seems to be a perfect combination of the two. But a new app, Birdfeed, may be a little more perfect.

When you first boot it up, you may think Birdfeed looks a little sparse. But there’s a lot behind this simple design, it’s just tucked away, so as not to clutter the main experience, as so many apps do. The main Birdfeed screen consists of your Twitter timeline, a button to load newer tweets, a button to compose a tweet, and a button to your account — that’s it. Clicking on any tweet in your timeline will load it on its own screen and from there you can easily see that person’s profile, reply to that tweet, favorite it or forward it (retweet it, post a link to it, or mail a link to it).

Tomorrow, YouTube is going to release a very important addition to its suite of advertising products, and it has the potential to have a huge impact for politicians, brands, and charities alike. The funny thing is, you probably thought it was already out there.

The product’s official name is the Call-To-Action Overlay, and it’s about as straightforward as ads come: it’s a semi-transparent pop-up that links viewers to any website you choose. For example, I could place an overlay on a TechCrunch video inviting users to visit the corresponding post we wrote about it. Yes, it’s that simple.

It’s hard to believe, but you’ve never been able to do this on YouTube before now. If you ever wanted to drive users watching your YouTube video to another site, you’d have to include it as a link in the summary at the right-hand side of the page, which most people ignore anyway. Users can include links in annotations, but only to other YouTube videos. Think back to President Obama’s landmark election campaign, which was helped in no small part by his YouTube presence. If he ever wanted to direct visitors to one of his campaign homepages, he’d have to ask visitors to enter his site’s URL manually. That’s a pretty major hurdle to overcome. This gets rid of it.

Last month we wrote about OffiSync, a powerful plugin that directly ties Microsoft Office to Google Docs, allowing you to save your desktop files to the cloud automatically. Since launch the plugin has fared quite well, with over 50,000 downloads. And today it’s releasing a new version that could prove immensely useful for those of you that frequently use Office.

The biggest addition to the plugin is integrated text and image search. While Office comes with a directory of clip art, it leaves something to leave desired — I almost always find myself just going straight to Google Image search. Now, using OffiSync, you can search Google Images directly from within Office. The plugin supports advanced searches, like sorting by color, size, and usage rights. Once you’ve found an image you like, simply hit ‘Insert’ and the picture will appear wherever your text cursor was. There’s also an integrated browser: just navigate to the page you’d like to quote, highlight the text, and hit Insert.

URL shortener and analytics service Bit.ly has been working on a new set of products, being referred to as “Bit.ly Now” internally, which will define the next stage of the company’s growth. The company confirmed these plans to us today. The services will include both a destination website as well as a distributed service via expansions to the Bit.ly API.

The core Bit.ly service, which lets users shorten web URLs into something suitable for Twitter and other services with limits on characters per post, has continued to grow quickly. 7 million URLs are shortened via the service each day, the company says, and 2-3 million of those are unique URLs Bit.ly has not seen before. Those Bit.ly URLs are clicked on 150 million times per week across a wide range of services - Twitter, Facebook, instant messaging, email, etc. Twitter itself now uses Bit.ly for URl shortening, and the service has quickly taken the lead in their market.

The magic behind Bit.ly are the stats that the service makes available on the underlying domains being clicked. Investor John Borthwick explained it all to investors in an email we obtained earlier this month:

Pleo is back, thanks to electronics and entertainment leader Senario, and we want to give you one.

The $349 artificial dinosaur hit the news this April when Ugobe, its creator, filed for bankruptcy. However, it is thankfully still available from web outlets such as Amazon, Target, Best Buy and BotaBingBotaBoom. In July, it will also be sold on QVC Live, followed by the Sharper Image’s Online Store.

They may be mysterious and perhaps even a bit shady, but secondary equity markets, which allow employees to sell off their shares to other buyers, are quickly heating up. Because of the rarity of IPOs and acquisitions in the startup world these days, early employees and founders are becoming increasingly anxious to convert some of their shares into cash (one need look no further than reports of employees selling Facebook stock at relatively low prices for proof).

Unfortunately, because these markets are trading shares of private companies, buyers and sellers are often left in the dark as to the worth of their stock. SharesPost, a private equity market that’s currently operating in public beta, is looking to help: the site has launched a publication platform for analyst reports meant to complement its equity market. And it’s offering a free two month membership to TechCrunch readers, which you can sign up for here.

As a teaser for what’s available on the platform, the site has shared two valuation reports on some of the world’s biggest social networks: Facebook and LinkedIn. You’ll want to check out the full reports here and here to read the full analysis and methodology (you may have to register).

Last week, Michael Jackson’s death caused sites to fail left and right. Today, it’s a very different problem. The hosting service Rackspace has been completely down for the past 30 minutes or so. Don’t believe us, just listen to Justin Timberlake or Michelle Malkin, both of which have sites on the service and took to Twitter to complain.

Apparently, it’s an entire network outage and so the usually very responsive Rackspace team cannot even respond to emails or tweet (though I’m sure we’ll be seeing some updates from smartphones shortly). Along with sites like Timberlake’s and Malkin’s, the popular event site, EventBrite, is apparently down as well.

At the beginning of last year, Yahoo made a fairly large acquisition with the purchase of online video distribution and advertising platform provider Maven Networks. Under the terms of the agreement, which we reported as a rumor the same day the papers were signed, the company acquired the startup for approximately $160 million. At the time, the press release touted the acquisition to lead to an expansion of the “state-of-the-art consumer video and advertising experiences on Yahoo.com and Yahoo’s network of leading premium video publishers across the web”.

Now we’ve learned Yahoo is going to kill Maven Networks instead, the most recent in a long series of deadpooling of products and services by the Sunnyvale Internet behemoth. (also see update)

We’ve been a bit baffled by the system Apple has in place when it comes to ratings for applications in the App Store. Is it allowing apps with nudity? Not allowing them? Allowing them with a 17+ rating? We’ve talked to some developers willing to break their NDAs because they think the App Store approval process in general is messed up, and would like to see Apple do a better job handling it. So here’s how the ratings system currently works for the App Store.

The Ratings

When you go to submit your app through iTunes Connect, one of the steps takes you to a ratings matrix that you must fill out. This contains 10 questions listed under “Apple Content Descriptions.” For each of the 10 questions you must say “None”, “Infrequent/Mild”, or “Frequent/Intense.” Depending on what answer you give for each of these, the rating of your app in the upper right corner will change. These ratings go from “4+” to “9+” to “12+” to “17+” to “No Rating.”

That last one is key. If your app gets the “No Rating” label, a warning written in red appears underneath it stating that: “This content will not be sold via iTunes.” So what triggers such a rating? Well, not a lot. Basically, it comes down to the final two questions in the 10 question matrix. Let’s run through them in descending order:

Digg founder Kevin Rose, Founders Fund partner Sean Parker and leading Israeli angel investor Yossi Vardi will return to our third-annual TechCrunch50 conference Panel of Experts September 14 - 15 in San Francisco. Our experts judge the fifty startups launching at the event and discuss each of the demos on stage as a group. Yossi, Sean and Kevin were experts last year and return based on popular demand with Roelof Botha, Marc Andreessen and Marissa Mayer. We have an amazing line-up of new and returning experts, and additional judges will be announced over the coming weeks.

If you’re a new startup, and want a shot to launch at TechCrunch50 and pitch our expert advisors on stage, you have until June 30 to submit your application. That’s tomorrow night.

All the details for the conference are here. TechCrunch50 is an action-packed conference where fifty new startups launch over two days. The event will be held at the San Francisco Design Center, a huge and beautiful venue where we packed nearly 2,000 participants last year.

Tickets for the event can be purchased here courtesy of Eventbrite (extra early-bird pricing is available until June 30).

More on the TechCrunch50 blog.

LinkedIn has bolstered its position as America’s leading business social network by the month lately, with Germany-based Xing as the only company regarding itself a worthy competitor in the last few years. But now those days seem to be over - in the US and China, at least.

Today German newspaper Hamburger Abendblatt published an interview [GER] with Xing CEO Stefan Groß-Selbeck (who recently replaced founder Lars Hinrichs), and he revealed a couple of interesting tidbits of information about the future direction of his company (find a horrible, Google-translated version of the full interview in English here).

Talking in broad strokes, Groß-Selbeck said 3.5 million of the 7.5 million Xing members are based out of Germany, Austria and German-speaking Switzerland. This isn’t really that surprising, given the background of the company. But the interview also marks the first time a Xing representative publicly (albeit indirectly) admitted losing in the USA and China.

Steve Jobs is officially back at work, according to Apple PR. Even though he had a "/>liver transplant earlier this year, a detail which was leaked to the Wall Street Journal and conveniently reported on a Friday night after the markets had closed. Last week, Jobs was spotted back on Apple’s campus and was even quoted in a press release! Today, Apple is hammering home the message that Jobs is back on the job, telling multiple news organizations from ABC News to Bloomberg to the New York Times to Reuters the exact same canned quote (sometimes attributed to spokesman Steve Dowling, sometimes not).

Steve is back to work, Jobs is at Apple a few days a week and working at home the remaining days. We are very glad to have him back.

Facebook has just named former Genentech Chief Financial Officer David Ebersman as its new CFO. The news comes three months after Facebook ousted Gideon Yu from the position, citing at the time its desire to find someone with “public company experience” (which was bizarre given the fact that Yu had public company experience).

At the time of Yu’s departure there was speculation that he had been unable to secure investments at the company’s lofty $15 billion valuation established by the Microsoft deal, and that the company was considering an early IPO. Since then, things have changed: Facebook just raised a $200 million investment from Russian firm DST at a $10 billion valuation, which means it has plenty of money to keep its server farms churning and keeping pace with the site’s staggering growth.

A lot of people know that hunger is a major problem in Africa, but few people ever think about it, let alone do anything about it. One Twitter account claims to be trying to spread the message with the use of very straight-forward tweets pretending to be from a starving African.

The tweets range from “hungry,” to “really, really hungry,” to “belly. distending,” and variations on those. Whoever is in charge the the account writes in its bio, “Social commentary illuminating the startling gap between the haves and the have nots.” But is this just poor taste? Apparently the 300-some people that follow the account don’t think so.

Over the weekend, YouTube launched a new channel dubbed Reporters’ Center, which it hopes will prove to be a good way to educate existing and aspiring citizen journalists on how to report news in ‘the digital age’. The new resource will feature a host of top journalists and media experts sharing instructional videos with tips and advice for better reporting.

So far, there are 34 videos uploaded to the channel, featuring people like Facebook Marketing Director Randi Zuckerberg providing 8 tips on how to maximize distribution of your YouTube video on the social network her brother famously co-created.

Not only does Google want to organize all the world’s information, it also wants to make all that information available to everyone in the world. For the majority of the world’s population, that means making it available on a cell phone, and not a fancy iPhone or Android with a Web browser either. I’m talking about $10 cell phones with not much more than voice and SMS capabilities. If Google can reach people, especially in developing nations, with SMS, it can reach everyone with a cell phone.

In Africa, it is launching a suite of SMS services today, including SMS search, Q&A-style tips, and an SMS-based marketplace. The first country to get these services is Uganda.