Foursquare

In: Business and Management

Submitted By pastrylenses
Words 580
Pages 3
Foursquare In the recent years through the emergence of technology and social networking sites, the industry for social media like twitter, facebook has become very lucrative. More and more players come into the industry providing different services hoping to get the same reception as that of facebook and twitter. An example of this player would be Foursquare. Foursquare was founded by Dennis Crowley and Naveen Sulvadurai. In 2009, after seeing the potential in mobile applications in smart phones, they realized that maybe there is a need for location based mobile network. Basically what Foursquare does is it updates the friends of the user through the app the current location of the user and plots previous areas that the user has used. The idea is somewhat parallel to twitter wherein users are given the capability to update their audiences’ instant short messages. The application also provides the user with suggestions of places to go based on the previous location “check-ins” of the user. Their pseudo mission vision is “Let’s build things that makes cities easier to use.” The application not only provides a geographical assistance to the user but also a fun and interactive way of doing it. The company also markets its product by adding a game dimension to the application. Whenever a user check-ins on a particular location, the user is able to accumulate points that could be used to become the owner of that location among friends. It becomes parallel to the game Farmville, wherein users are given an imaginary world wherein they have full control of. The company started with a funding of 71.4 million but through 3 years, the company is steadily growing to a valuation of almost 600 million. They have approximately 120 employees that constantly monitor the servers and develop new ways in gaining market share. Sadly the company is still behind yelp.com which…...

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