Company / division: Foursquare
Foursquare is the rare example of a company whose late-stage pivot is actually working out. So many companies switch from one business model to another early in life – Twitter is a classic example – but very few start to struggle after several years of one business model only to find success with another. A few years back, a friend who was then senior at Foursquare told me that data and tools and not consumer check-ins were going to be the future of Foursquare, and in the years since the company has been executing on that vision. One of the most impressive parts of this is that Foursquare apparently has more checkins today than ever before, so the app is actually still doing well enough among a core set of users to provide a rich location database that can be used for these new developer tools. But it’s now monetizing pretty much exclusively through the developers and others that are tapping into its location data rather than through something on the consumer end.