Foursquare fits schumpeters definition in the fact

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Foursquare fits Schumpeter’s definition in the fact Crowley and Selvadurai used their extensive knowledge on technology field and overhauled an invention to produce a new product. In the creation of Foursquare, Crowley and Selvadurai basically followed Schumpeter’s basic ways that entrepreneurs find opportunity to create a new business. They used a new technology to produce a new product such as Dodgeball. They used existing technology to produce a new product. Crowley and Selvadurai used existing technology to produce an old product in a new way. They used a new supply of resources to seek venture capital in multiple offerings. They also developed a new market for an existing product. 1. What prepared the founders to create Foursquare? Explain in detail. Both founders are young with a rich fund of experience of having worked in many interesting roles in new and interesting organizations straight through college. This has prepared them for the challenge of following their dream project successfully. Both founders worked at technological companies like Google and Sony Music. They also learned a lot in the areas like developing mobile applications, location-based software and programming which play a huge role in Foursquare the app truly is 1. What gaps in the founders' team and resources needed to be filled by outside sources? Name four specific resources they acquired? Explain in detail. Gaps that needed to be filled were sufficient funding for launching the app, they needed four different venture capital installments to get the project off the ground, talent was mostly there in the beginning and the founder experience helped them recognize the talent they needed. There was also a period of retailer fatigue. Venture Capital totaling 1.35 million in 2009
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Venture Capital totaled 20 million in 2010 Mentors
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