Not because im asking a tough question. But its a legitimate reason. Dennis i put my phone right here where i can see it, just in case. Katie okay, all right. I understand. I guess thats kind of a big deal. Then, we have jeff here. The incoming or the new ceo. So, foursquare has changed a lot over the years. You started out as a locationsharing app. And now you have two apps, a yelp competitor and the swarm. Youre also a data company now. Well get to all of that. But i wanted to talk to you about your new roles. As executive chairman i wanted to find out, are you so involved with the daytoday . Or how are things different than before . Dennis daytoday at the company, five days a week, theres tons of things going on at foursquare. Both on the business and enterprise side. Im still there trying to make sure that we get to focus on the things that represent the reasons that we started the company. And so, a big reason for the role switch is that, as it matures and starts to turn into the amazing business we knew it would come jeff is an it could become jeff is an extremely talented Business Leader and hes running the daytoday operations and making sure we stay true to our goals and achieving our objectives. Katie how will foursquare differ under your leadership . Jeff dennis and i have been partnering almost two years now. Joined a little more than 18 months ago. We started taking these consumer apps and tried to bring them back together with the magic and set a goal to be a 100 million profitable business in the next couple of years. Weve seen a direct path to that. Part of it was earning our way in the world by figuring out how we create a sustainable business, so we can keep investing in these great Consumer Products and keep innovating. So, in the last two years, weve built enterprise and Media Products that last year grew 160 in revenue. And so, now theyre the majority revenue of the company. So, we all come to work every day thinking about how to guide people to that next great you know, burrito places they would never have discovered or that incredible artisan ice cream place that has the salted carmel inside the cup cake. Thats what gets us up every morning, but we also know we have investors. We just raised 45 million with 45 million with Morgan Stanley and horowicz and ventures and others. We have an obligation to be here the next 20 years inventing these things. That kind of balance is the hallmark of what dennis and i have been working on the last 20 months. That is to build a sustainable, successful business and to keep inventing the future of how mobile changes in the real world. Your ability to discover the real world or play a game in the real world. Katie youve found interesting use cases for data. It turns out, if people tell you where theyre going, you know a lot about them. So, you accurately depicted the decline in sales of chipotle, because of the e. Coli scare, and you found out about iphone sales ahead of time. How are you utilizing this and monetizeing this, exactly . Jeff we have a whole suite of analytics products. We call it, insights. When we predicted how many iphones apple would sell based on foot traffic to apple stores or predicted mcdonalds would have an enormous quarter finally based on all their breakfast data, weve seen the foot traffic of the world. We thought chipotle would have 30 yearoveryear decline in sales, and it was 29 when it came out. Were helping people figure out whats happening in the world. Its easy, since all of us work in packs that 93 of all , Consumer Spending happens in the real world. There isnt a cookie in the real world. So, we really have this chance to not only look at the Consumer Products but kind of be the nielsen of the real world and understand. So, were building really sophisticated analytic products based on that. We have this foot traffic growing around the world, so we protect everyones privacy where at the aggregate level we can track cultural chan cultural changes. A bunch of academics in the u. K. Were using foursquare data to predict which neighborhoods would gentrify, which we hear in brooklyn is awesome to be thinking about how neighborhoods change. So, all these cultural trends of the real world, were able to capture. If you cant figure out how to build a profitable business with that insight into 120 countries, you should go home. But we know we can. Katie is this data from voluntarily people checking in, or is in the background . How is this data being used . Dennis its not just data from people that are checking in. One of the things were really proud about, that weve built over the last four or five years, is technology called, pilgrim. Its a piece of code you can put on a device. Depending on where the device is and the signal, we can figure out exactly where it is and where its been. That piece of technology is whats powering all the intelligence in foursquare. How do we learn about the places youve been to so we can make smarter recommendations . That piece of Technology Makes it so when you check in on swarm, we know exactly the place youre in. Also, for the 100,000 developers that are also building on top of foursquare, were able to give them this ability to snap to the place all the time. Running these services in the background is really whats powering this tremendous source of data, which jeff is talking about, thats feeding all of our analytics tools. Its much more than, hey, i have to press a button in order to understand that. A big part of our Value Proposition to partners and advertisers and the developers we work with is that we built this technology that allows people to understand this in the background. Jeff i would add, for those trying to understand how big foursquare is becoming in our how big foursquare is becoming and our mission you , dont have to be a foursquare user per se for us to understand. We have a network of thousands of apps. Because of our understanding of the shape of 100 million places weve crowd sourced around the world, if nike wants to find 18 million americans who work out three times a week or go running every morning and reach to them, we can enable that. Both for foursquare users and nonfoursquare users through our sort of pinpointed partnerships. And if burger king wants to figure out if people happen to be addicted to shake shack and mcdonalds and offer them a deal across thousands of apps, we can enable that. We can measure whether the apps the ads work. Thanks to pilgrim, our media line is growing like crazy. So many Consumer Brands now are buying advertising on digital and online through foursquare. Katie with all this revenue, are you profitable yet . Jeff when we raised 45 million in january, we set a goal to be a profitable 100 million business in the next few years. So, we have a plan that we are focused on every day. We know we will get there. Katie you mentioned raising some money. Its a tough fundraising environment right now, and it was a significantly lower valuation than in previous rounds in the past. Why is that . Dennis i think the business previously was valued on this idea that the foursquare app would grow up and be a facebook, a twitter, a snapchat. And i think what we started realizing a couple of years ago, that wasnt the destiny for the apps. The destiny was to make these things that we have tens of millions of things people love. We dont need 100 million or 300 Million People using them every day in order for it to be a profitable business. When we talked to investors about, what is this business . How is the business evolving, and what will it look like two years from now . What we have been working on with the rest of the Foursquare Team has been, how can we build amazing consumer apps with tons that collect tons of data and insight in the world, and how do we monetize that data through our relationships with developers and enterprises and advertisers . And thats been working out fantastically well for us. As part of that process, we had to go do a little bit of a reset on the expectation evaluation, but its a really good spot. Jeff yeah, we were able to think about the business the way you think about a public company. You know, real revenue, real business now growing fast, and so were able to evaluate it. Before, it was kind of evaluated on early, so were getting comfortable. Morgan stanley and others, they see they wont invest unless they can triple and 10x their money. So, its a testament to the success of the last 20 months of the business environment. It is hard out there. Unless you have enormous potential, youre not able to raise big rounds. So, were proud of the team and how far weve come. Katie what are you planning to do with the new funding . I understand you might expand to asia . Jeff yeah, well, something to note is thanks to the funding, weve hired 35 people both here in new york and san francisco. So, for the representatives of the city, were continuing to be a major new york company and headquartered in soho. We are adding people from Top Companies like apple, eccentric, and others. We also hired the head of an Asian Company and are opening offices in asia. We have a ton of customers in asia. Tencent is a customer. Grab taxi is a customer. Jeremy was going back and forth between singapore and shanghai to build up our partner network. So, the 45 million we raised in january is letting us staff up in engineering. Particularly in enterprise and media sales, to get the word out at the pace weve been growing. Dennis also worth noting, we are continuing to hire. So, if youre interested, go to foursquare. Com jobs and check it out. Katie look at that, get a job. Does foursquare do well in asia . What regions are people using swarm and foursquare in . Dennis weve seen it all over the world. Weve been doing this seven years now. You have seen different pockets light up at different times. Latin america, brazil, southeast asia, russia, have all been extremely great. They have been very quickly growing for us. And so thats funny, because i think a lot of companies focus just on the u. S. And really, a big chunk of whats happening and whats interesting in the technology and the business side is happening outside of the u. S. So, were starting to think about in the next couple of years, how do we put that to work for us . Jeff like a twitter or facebook, lots of companies, the internet is global. Mobile phones are the internet outside of the u. S. For the most part and many parts of the world. So, you know, we have users in over 110 countries like dennis mentioned, like turkey, mexico, russia, japan, korea and others. A lot of what were aiming to do is find those passionate explorers who love mapping the world and discovering new places or playing the swarm game and becoming mayor. If we can get a few percent of every society in the world to participate in our crowdsourcing model, then, you know, a samsung or others are using all the Mapping Technology that we provide. They can use it the way twitter does. Now, ifs of countries you tweet and tag that tweet, thats powered by foursquare. If you tag a pin on pinterest to a specific place, youre using foursquare data and technology to identify where that photo was taken and snap it. So, were doing those kinds of services for a bunch of Asian Developers like samsung, tencent and others. That is what jeremy will really be focused on. The enterprise uses of this Global Technology equipment. Katie when it comes to consumers, what do you think users are using foursquare for these days . I know there were mayors and not mayors. Are you emphasizing the games again . Dennis each app has kind of its own personality. When we made swarm the fastest and easiest way to check in just for something fun to do during the day, earning coins, as well as a lifeblogging tool. People love that. It shows the quirky personality, and were seeing a fantastic traction there. I think we are at 9 million seconds overall. 9 billion chickens overall checkins overall. 8 million checkins every single day. Thats a tremendous amount of data that companies can put to work. And its the same story from the beginning. Its like, how do we lead people to amazing experiences . And how do we do that, whether theyre actively in the app searching for something or just Walking Around . Can we ping them and have their phone buzz in their pocket and they open their phone and its like, oh, im supposed to go across the street to this place, because foursquare told me to do that. Really, were the best at building a lot of those types of services. Foursquare and swarm just continues to do that. Katie you mentioned there have been 9 billion checkins on swarm. I understand, theres 15 million active users today. Thats on both foursquare apps combined. Is that correct . Jeff and the web site. I was surprised when i heard those numbers. You may have heard that a lot of people say, after you switch the apps that some people didnt switch over to the new app. Was that a late decision in hindsight . Would you have done anything differently or was that the right direction . Jeff i think splitting the apps was the right decision. The app was getting complicated and bloated. And now, we have two stories for two apps that work really well. The only thing wed do differently is we did a lousy job messaging it to people explaining our thinking. This happens for this and this happens for this. If we had a doover, maybe wed do a little better job on the messaging. But that was 18 months ago. Maybe longer than that. If you look at the numbers, particularly from data were collecting, and how satisfied the users seem to be, all those things have rebounded, so were excited about the position were in right now. Jeff i would add last year, we focused on bringing the magic back to swarm some of the magic that made the original foursquare game so compelling. In the u. S. , we tripled the checkins per user last year, and some of it was, you know, going back and bringing back mayorships, bringing back the coins, but the team had so much fun dialing up the quirky nature of it. So now, you have the triple x stickers. If you visit enough coffee shops or artisan cocktail bars there are all kinds of little games youll see us continue to pile up. We are thrilled that our growth. There was definitely a dip during the split. I arrived as the split was already being implemented, so i cant say i was there for it. But i understand now, deeply as we talk to consumers, the value of a city guy that gets to know you and pings you when youre in a new neighborhood and sit down at a new restaurant. It doesnt have to be a game. It could be a great guide for explorers versus people who really want to have a social Game Experience in the real world and be inspired to try new places and share locations. So, they each have deepened their experience either as a game that you play in the real world or as a city guy. City guide. Ultimately now, both are growing, but it did take a hit for a while. Katie so there was an initial user decline, but youre increasing engagement these days. I saw you have some cool partnerships on foursquare. You can deliver on deliver. Com. You can get food and also alcohol. There are so many delivery businesses already. Why would people go to foursquare beyond the others out there . Jeff i mean, i think we have a bunch of partnerships like uber and others. Dennis and open table. Jeff open table has been true for a while. I think it was less that we thought people would join the app, other than those companies came to us and wanted access to the loyal foursquare users. We wanted to make it more convenient for them. So, i dont think thats a huge growth area for us. Its more like thinking about how to make the apps more useful. Opentable has been a great partner. However its very hard to search , for a restaurant on open table. If you have all the recommendations from foursquare, which knows the places you love to go knows my wife likes organic farm to table, learns my inlaws love steak and potatoes, and it tailors where they go. When they go to pick a restaurant, then its just all that more convenient to then book it through open table. But open table doesnt guide them very well to where they should discover. Katie theres so much more i want to ask, but we only have time for just one last question. The future of foursquare. Could you be acquired someday . Is that possible . Dennis i mean, its part of what we do with financing to get this company on the road to be a strong, independent company. Thats whats happening with all the leadership changes, and the brand new people were bringing in. We found a business that works really well. Consumer apps are doing really well. Everybodys excited about building this stuff. If were back up in a couple of months, theres always an opportunity for people like well, would you go and work with this other company . We have those conversations from time to time, but a big part of raising the financing is like, hey, lets go make this business work. And thats what were set up to do. Katie good luck in your new roles and congrats on almost being a new father. Dennis thanks for having us. [applause] ill check in with you guys later. Thank you. Thank you. Our next guest is somebody im really excited about, because like everybody has those tv shows that are like comfort food for them, you know . The one you just have playing in the background all the time. For me, thats the office. We have b. J. Novak in the house which is a big deal. He helped launch the list out. Please welcome to the stage b. J. Novak and dev flaherty with the list app and our moderator, greg. [applause]. Greg hey, everybody. I think jordan kind of covered it, but just to recap, dev and b. J. Are the cofounders of the list app. Dev was the senior vice was previously the Senior Vice President of User Experience at fabb. And b. J. Is a standup comedian, an author, and you probably know him best as a writer, executive producer and costar of the office. He was ryan howard. Thank you guys for coming out here. Thanks. Thanks. Greg elevator pitch style, one or two sentences super quick. What is the list app . B. J. first of all, as were announcing today, we are now li. St. We decided to drop the the and drop the app. We were going to really bombard people with change all at once. So were now li. St. The idea is people can communicate in this extremely elemental form of communication. We all have lists in our head. We all have lists in our phone, and we have our whole life in this easy to communicate format that for some reason people havent had an easy way to share. So, this is a smart, creative, friendly, substantive social way to communicate through the list. Greg what m