World Economic Forum selects Foursquare as ‘Tech Pioneers’

World Economic Forum selects Foursquare as ‘Tech Pioneers’

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US: World Economic Forum included Foursquare, a location-based social networking website and software for mobile devices, amongst a class of 31 companies deemed pioneers in technology -the same honour it once bestowed on a young Google. However, Foursquare is yet to figure out a way to monetise its hot location-based mobile service.

Of the companies selected, 17 were from the US. Five Silicon Valley companies made the list, as did two from the Boston area. The forum recognised the companies among those poised to have a critical impact on the future of business, industry and society.

This year’s class is composed almost entirely of venture-backed start-ups, with three New York-based companies–Foursquare, Knewton Inc. and SecondMarket Inc.–making the prestigious list, matching the city’s total for all previous years combined.

To be selected as a Technology Pioneer, a company must be involved in the development of a major technology or innovation and have the potential for long-term impact on business and society. In addition, it must demonstrate visionary leadership and show all the signs of being a long-standing and sustainable market leader – and its technology must be proven, according to the forum.

More than 330 applications from around the world were submitted for consideration by 68 global technology experts. This year, the forum received entries from countries like Australia, Canada, India, Israel, Lithuania, the Netherlands, Nigeria, People’s Republic of China, South Africa, Switzerland, Thailand, the UK and the US. Over half of the Technology Pioneers are from the US.

The World Economic Forum is an independent, international organisation incorporated as a Swiss not-for-profit foundation. The forum’s motto is “entrepreneurship in the global public interest.”

Source: Wall Street Journal