Many startup founders retain a full-time post in their company to have an active role in its growth. However, Foursquare co-founder Dennis Crowley will be stepping down from his full-time role in the company, as he has recently announced.
In a Medium post, the startup’s former Chief Executive Officer announced that he’d be stepping down after 12 years of dedicating his time to the company.
When Foursquare was launched in 2009, it served as a social network based on location. Basically, users would check-in and post info about what they did in that place. The system awarded badges and mayorships to active users. Over the years, the number of check-ins made the platform an app to track places close to your heart. It also became a way to get to know friends’ favorite hangouts.
Later on, the company split the platform into two – Foursquare City Guide and Foursquare Swarm apps. As part of its expansion, the startup also worked on APIs and SDKs, allowing them to offer location data to other companies.
Given its capabilities, the business is lucrative. In fact, their Pilgrim SDK has the capability to create apps that are location-aware apps. For example, a venture can send you a customized app depending on where you are located. In fact, the system is quite sophisticated in that it can track when you go in and go out of a location.
The reason behind the step-down
If the company is doing so well, then why is its founder letting go of his full-time role? That’s exactly why – because it’s doing so well. Crowley says the startup’s tech has matured, as did the venture. In fact, the company earned a revenue of more than $100M in 2020. Added to that, they’re expecting to outdo last year’s numbers by the end of 2021.
As the co-founder puts it, the company leads the way. Because of its tech, the startup has become synonymous with contextual aware computing.
According to Crowley, it’s simply time to move on. After all, he says he’s had quite a run with the startup, spending seven years as its CEO and five years as the frontman running its labs and research and development group – all while being its Executive Chairman.
So, what will Crowley be up to? In his Medium post, he says he plans to spend time with his family. After all, he and his wife are expecting their third child, and he’s looking forward to family bonding as the new addition comes around.
He also plans to “get back to building.” According to the executive, he’ll build things he wants to see around the world. He also hinted that the things he wants to build don’t fit in within the present boundaries of Foursquare.
What happens to foursquare?
Over the years, the most active users had amassed thousands of check-ins. Foursquare became a great app to keep track of places you like. You could also use it to discover your friends’ favorite places.
Despite Crowley’s decision to step down, he’ll continue his role as a co-chair in the venture’s board of directors.
But even without Crowley manning the C-suite full-time, the startup will stand. After all, its SDK tech allows for vast possibilities and offers unique features to companies looking to step up their marketing tactics.
For instance, the SDK assists brands in gauging if an ad campaign has a significant impact on its foot traffic. Combined with other consumer data, the tech surely makes for a valuable marketing resource. This tech alone explains how it earned so much revenue in 2020 despite the economic setbacks brought by the pandemic.
