A revolutionary new communication app has been launched for the iPhone and Android platforms, which automatically shares photos, videos and text with anyone in the vicinity who also has the application. The app, called Color, has been created by Bill Nguyen, who sold his cloud based music locker Lala.com to Apple for $80 million. The app works by using a mix of GPS location data and ambient sensors to assess proximity of other users, who will be able to see any text, videos or photos taken via Color. The application comes with absolutely no privacy settings, so all the photos shared are publicly available to every member within the range. There is also no need to 'friend' anyone, though a blocking option is available.

Lyon created a system to bring formal financial services to microfinance institutions and poor entrepreneurs via a mobile phone. He believes the new software, to be launched by the organization he founded, FrontlineSMS:Credit, could change the world of microfinance by changing the way the poor interact with the institutions.

Kiva President Premal Shah on the company's mission to fight poverty by lending to entrepreneurs. Video at Forbes.com

Jacqueline Novogratz tells a moving story of an encounter in a Nairobi slum with Jane, a former prostitute, whose dreams of escaping poverty, of becoming a doctor and of getting married were fulfilled in an unexpected way.

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