Milk Inc. is a new company that was co-founded by Kevin Rose. Rose is the founder of Digg and co-founder of Revision3. Milk is essentially a company where several developers brainstorm technology and mobile ideas and works away at building them. If there isn’t any sudden traction, then the project gets shut down. Milk has raised $1.5 million in angel funding from well known investors. Investors include Mike Maples, Jr. (Floodgate), David Sze (Greylock Partners), Ron Conway, Dave Morin, Philip Rosedale, Evan Williams, Joshua Schachter, Ashton Kutcher, Michael Arrington, Philip Kaplan, Chris Sacca, Tony Hsieh, Gary Vaynerchuk, and several others. [VentureBeat]

Linden Lab, the parent company of Second Life is having some issues. The founder of the company Philip Rosedale has stepped down. He was the interim CEO after Mark Kingdon quit in June. Linden Lab CFO/COO Bob Komin will take over temporarily. In a blog post, Rosedale wrote “it’s been an intense few months of transition, and we all feel like we are in a better place now, with a clearer sense of direction and more focus, and are ready to bring someone new into the mix as a leader.” This past June Linden Lab also laid off about 30% of their staff. [paidContent]

This year marks the first time that a graduation ceremony will be taking place on Linden Labs’ Second Life online virtual character software.  Second Life founder Philip Rosedale will even be the guest speaker at the Bryan & Stratton College commencement.

“These graduates are pioneers, overcoming life’s obstacles to pursue their educational goals through online education and start a new life,” stated Bryant & Stratton’s Director of Admissions Scott Traylor. “It is particularly fitting and gratifying that they celebrate their achievement with Philip Rosedale, the man who pioneered a whole new virtual world through Second Life.”

There are about 40 graduates that received online degrees at Bryant & Stratton.  On June 17th, there will also be an open house on Second Life for the event.