#7 Foursquare

Foursquare is a location-based social networking website for mobile devices, such as Smartphones. Users "check in" at venues using a mobile website, text messaging or a device-specific application by selecting from a list of venues the application locates nearby. Location is based on GPS hardware in the mobile device or network location provided by the application. Each check-in awards the user points and sometimes "badges".

Foursquare had a tough time raising money last year but thanks to some loyal users and valuable location data, a rumor spread like a wild fire after an Apple executive began using the app in December, that Apple was interested in buying the company to improve its mapping software. Whether the rumor has any truth in it or not Foursquare seems set to start making a push for more revenue. It recently announced new terms of service requiring all users to use their first and last names and give business owners access to more data. Got to see how well this struggling company can fare this year.

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