Apple is to start production of the fifth-generation iPhone in August, according to sources. And there might even be two new iPhones on the way.

Mike Lazerow, CEO and founder of Buddy Media, says, "Whatever you launch, assume it's the biggest crap sandwich you've ever launched." Hear more nuggets of entrepreneurial wisdom in this video interview.

Music discovery service Hitlantis closed a $1.5 million angel round.

Meredith Corporation acquired EatingWell Media Group, a brand focused on healthy eating, as well as the launch of its new website, Recipe.com, a brand that will pair online recipes with coupons and deals.

ViVOtech, a near field communication (NFC) software and systems company, closed $24 million in a multi-stage extension to its Series C round of funding.