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In today’s constantly connected world, it’s important to stay on top of current social media and Internet trends, and we’ve already highlighted the impact that social media companies are having on Wall Street.  The big news this week is around Groupon. As many speculated, the company filed for an IPO to raise up to $750 million.

Plus, with the explosive growth of mobile applications and the growing need for a smart grid to connect our Internet-ready devices, two of the biggest names on the Internet have launched new services to incorporate social media even more into everyday life.

Last week, Google announced Google Wallet, a Near-Field Communication (NFC) technology to be used in smartphones for wireless payments.  Google said that more than 20,000 U.S. merchants are already set up to work with Google Wallet.  The Internet giant also announced Google Offers in conjunction with Wallet, which will send daily deals from local businesses directly to your inbox, much like Groupon, Living Social and other daily deal sites.

Not to be left out of the spotlight, Twitter launched its own in-house photo-sharing experience that will link photos and videos directly to tweets.  They are also overhauling the search function on Twitter, aimed to deliver more relevant tweets and incorporating related photos and videos.

Here’s a quick recap of news over the past week from our partner companies:

Next week, the Philadelphia Chapter of the Network for Teaching Entrepreneurship (NFTE) will be holding the final round of business plan competitions. Five finalists were selected to advance to the final round, which will be held at Ernst & Young’s Philadelphia offices next Tuesday, June 7, 2011, from 3:00 to 5:00 p.m. The grand-prize winner will take home $2,500; the second place winner will receive $1,000; and the third-place winner will receive $500 to help launch or expand their business, or further their education. Additionally, the first and second place winners will travel to New York City to compete against other regional winners in the National Youth Entrepreneurship Challenge on October 6, 2011. Be sure to Follow NFTE Philadelphia on Facebook and Twitter.

To read more of our “Week in Review” series, please use the following feed:www.safeguard.com/WeekInReview. Enjoy your weekend!