Geo-Loco 2010: Fred Wilson Acknowledges Local Sales Challenges
Union Square Ventures partner Fred Wilson keynoted today’s Geo-Loco conference in San Francisco, sharing his thoughts on what technologies and business models excite him from an investment perspective.
The wide-ranging presentation ended on the idea of monetizing location-based services like Foursquare, where he has invested (twice). He carried the same “no brainer” attitude toward the monetization potential that we keep hearing, involving SMBs that will clamor for the ability to see who is near their location and drive them in with various promotions.
“The revenue models are fairly straightforward,” he said. “Knowing where someone is in real time right now, is an incredibly valuable marketing opportunity. It’s the holy grail for merchants to know someone is nearby and give them an offer or coupon; they are highly incented to do so.”
“It will take a lot of technology and sales and marketing efforts,” he said. “There will be resellers and intermediaries to take these services to small businesses.”