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D 5 · C 5 · P 5 · Cm 4 4.85
Q Are those physical, like, is that people picking up and checking in, or are these, like, non-check-in check-ins?
A Well, I'm talking about what we call explicit ground truth, so people open their phone, open either Foursquare Swarm, which is our guide to, uh, remembering all the places you've gone, and sort of life-logging, and, uh, remembering Where was that killer ramen place in Tokyo that I stopped? Or what was that incredible tapas place in Barcelona? Or what's the name of the place where we had our second date in the village? And, and so it's a, that's a log. And every time someone opens and checks in, essentially they are mapping the interior of a business for us, um, seven million times a day, almost twelve billion times cumulatively. Or they confirm a place to their, um, you know, when they, when they're writing a review or in our Force Corps city guide. And so that, that explicit ground truth is what makes Pilgrim so powerful. Because it then enables us passively, to your point, to recognize now when a phone in your pocket or in your purse walks in and out of a hundred and five million venues in almost every country in the world. Again, passively, because we look at the 14 different Wi-Fi connection points on the seventh floor, and we've seen them thousands of times before, uh, this GPS reading, this gender, this time of day, this Bluetooth beacon that's open nearby. All of these go into a machine learning algorithm that gets better and better every day, and enables us to recognize…
AI assessment note: “I'm talking about what we call explicit ground truth, so people open their phone”
Answered produced feed
D 4 · C 5 · P 5 · Cm 4 4.55
Q shared, why you're able to predict that. You can actually see the historical real-time check-ins at Chipotle. If I'm a hedge fund, and I see you do that, I am as quickly as possible going out to raise two, three billion dollars for the sole purpose to buy Foursquare, simply to make and build the world's largest hedge fund. One, has that happened, and two, why hasn't it gone through?
A You know, well, three of the world's five largest hedge funds are customers of ours, and they look at the aggregate, anonymous data trends. Now, of course, foot traffic is not the whole picture, right? We are a piece of what, you know, analysts call a mosaic of information. So we understand in real time how many people are going into Apple stores, into McDonald's, into Starbucks, into Macy's, how the market share has changed for foot traffic, but we don't Pretend to know, you know, are there sales or promotions or margins or inventory or other factors? So it's one very helpful piece to understand. Are more customers coming in the door? And you got to remember that 92% of consumer spending is still offline. Eight percent is e-commerce, including Amazon and all the rest of e-commerce. So, you know, categories like auto and grocery and retail are still in the physical world. And if you aren't Having customers come in the door, your sales are going to be down, like Chipotle's down, 30%, as we predicted, and so, uh, it's, it's a piece of a mosaic, but, uh, you know, we're not investors, we're technologists, and that's, that's where we like to play.
AI assessment note: “three of the world's five largest hedge funds are customers of ours”
