Some people have done sorta ok with this as a fallback position when their business model failed. I think it's a pretty dicey proposition. Foursquare did it after failing at everything else, and while they're ostensibly 'profitable' they're deeply in the red with little hope of a return to their investors.Sounds like they are deeply in the red because they were chasing something else? What if they realized this much sooner and didn't get so deeply into the red? Then they'd just have a solid and profitable business. I wouldn't discount this kind of business model. That kind of "sorta ok" is only a disappointment if you were hoping to be the next Facebook. Isn't that just greed clouding people's vision? A goose that lays copper eggs is still pretty darn nifty.
