I don't have a 740, so it might behave differently, but on the 700 and 720, you establish the wifi connections from the Setup screen before you launch the Navigation software. Have you done that first?
Once you've connected to the Ping Buddy network there, you can launch the Navigation (iFly) software, and then it should show up in the Connected Devices list. Then, on subsequent startups you can just go straight into the Navigation software, and the device will reconnect with the Ping Buddy in the background and be ready to go by the time the iFly software finishes startup.