Foursquare?

Foursquare is the hottest thing in social networking right now.
I know what you're thinking...What the heck is Foursquare?

First, investors are clamoring to give Foursquare founders, Dennis Crowley and Naveen Selvadurai money (not me). In fact, in June the company raised $20 million in venture financing.
That's not back for a company most people have never heard of.

Today the four year old company is valued at $600 million...(wow, I keep telling myself I've got to invent some techie thing).

OK, so that's the money part of Foursquare, but what is it?

Check out this statement directly from the company's website: Foursquare is a location-based mobile platform that makes cities easier to use and more interesting to explore. By “checking in” via a smartphone app or SMS, users share their location with friends while collecting points and virtual badges.

Huh?

OK, this is how I understand Foursquare works. Lets say you go to a restaurant, once you are there, you "check in"using a Foursquare App that locates your position through the phones GPS system. This allows your friends to know where you are, and join you if they want. Foursquare can even ping your friends and let them know immediately you are in the restaurant.
Now...While at the restaurant you are not sure what to eat, simply check what your Foursquare friends think is the best thing on the menu. And Foursquare gives "badges" and "points" to people who repeatedly "check in" at the same restaurant or "check in" at many venues in one day. You can watch your points and your friends points build up. Of course, all of these "location finders" can be limited by privacy settings within Foursquare itself.

So that's Foursquare...as I understand it.

Still don't get it? Me neither...

But, today 10 million people are registered Foursquare users... so someone is getting it.