Foursquare co-founder Naveen Selvadurai explains that people use Foursquare for three reasons:
- It has a game-like nature to it
- It creates a competition amongst friends
- It keeps a journal and keeps track of what you do
Around this time last year, Foursquare had 200,000 people signed up. Today, it has over 5 million users! Amazing growth, but how will they make money?
JumpTap CEO George Bell says the issue that Foursquare needs to resolve now is engagement. Foursquare needs to find a way to engage its consumers with advertisers without undermining consumer trust in the check-in app.
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Produced By: Kamelia Angelova, William Wei & Anika Anand
