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iFive: Disney-Hulu-YouTube Drama, GM's Volt Fizzles, and Web 2.0 Expo Launches in Today's Innovation News

While you were sleeping, innovation put her cable box out on the curb for trash pickup. Here's today's innovation news: 

1. Amid speculation that Disney would sign a deal with Hulu to offer ABC shows in exchange for an equity stake in the venture, the House of Mouse announces a deal to air short-form content from Disney and ESPN with YouTube. Disney may be playing YouTube and Hulu off each other in negotiating who will get the right to air full-length shows. I know these plot twists are convoluted and hard to follow, but if you just hang in there and watch this whole thing unfold on DVD—go back to season 1, you really have to start at the beginning.... [via's Staci D. Kramer]

2. So it looks like GM's Volt wasn't enough to turn the company around, as the government complains that GM spent too much time and money developing it and questions its commercial viability. We're shocked. Wordplay! [via AutoblogGreen's by Sam Abuelsamid and The Detroit News' Scott Burgess]

3. A new diabetes drug from Bristol-Myers Squibb and AstraZeneca continues to move towards FDA approval after the agency released findings that cardiovascular side effects are minimal. [via WSJ's Jennifer Corbett Dooren and Shirley S. Wang]

4. The Web 2.0 Expo starts today in San Francisco, under the inspiring theme "The Power of Less." (Less venture money, less advertising money, less hype, less interest.) But despite the inevitable shakeout and what's expected to be a more quiet event this year, it's important to remember that significant building-block technologies, such as cloud computing, and a handful of notable companies will emerge as Web 2.0's legacy. [via CNet News Webware's Rafe Needleman]

5. Bloblive organizes events in Los Angeles and Philadelphia that let startup founders pitch their ideas to strangers in bars and seek their feedback. It's a cross between open-mic night and the elevator pitch. Isn't that what crazy people in bars do already? "I invented a car that runs on water, but Rick Wagoner ... urp ... he crushed it. Can I get another? Make it a double. My business idea was so novel, it came in hardcover and e-reader formats. Hey, is this thing on?" [via Los Angeles Times' Raja Abdulrahim]