According to the CEO of a location discovery platform Foursquare, Jeff Glueck, there are very few companies in the world who can take on the capabilities of the company. Foursquare is a firm that uses its huge data base for private users for offering personalized recommendations.
“Other than Google and Facebook, we are the Switzerland,” Glueck said during a recent interview with the business news channel CNBC.
“We are the sort of platform that everyone who’s not Google or Facebook want to use because we understand the whole world’s places and we understand different floors of buildings, where you go in malls,” he continued. “It’s very hard technology, and so really only Google, Facebook and Foursquare have this precision globally.”
The location based technology that is used by other companies is augmented by the services of Foursquare based on big data and the company has made a name for itself since bursting on to the big data space some years ago. Partnerships with Liberty Media’s TripAdvisor and dating app Tinder are among the latest ventures of the company.
“The business is 99 percent about helping other brands reach their audiences at scale,” Glueck told Cramer. “People think, maybe, ‘I don’t use Foursquare anymore,’ … but if you tag a tweet on Twitter, if you get a geofilter on Snapchat, if you participate in Tinder Places, these are all services that we are helping create with our technology.”
Foursquare suggests matching with people who frequent similar locales, like dog parks and coffee shops with respect to Tinder Places that the company is piloting in three cities. According to Glueck, the early outcomes of the project are already showing “better matches,” because “people have something in common and so they’re more reciprocal.”
While he did not name any company, the CEO also strongly expressed his opinion on the issue of data protection and the criticality of keeping users in control when the users make use of the location services offered by the company.
“For different people, opting into location sharing or sharing your payments, like Venmo Friends allows, that’s something that’s very personal,” he said. “For us, it’s always been the user has to be in control. The user has to have adequate chance to opt in and know how it’s going to benefit them, and that’s how we work with companies. And so what we see is about 50 to 70 percent of people opt in to these enhanced location alerts.”
Foursquare has over 100 million logged locations in 200 countries and its is a privately-traded company.
(Adapted form CNBC.com)