Foursquare cracks World Economic Forum's list of top international innovators

International technology experts are anticipating social networking site Foursquare to continue to thrive, as the World Economic Forum recently included the site among its list of 31 companies deemed technology pioneers.

The organization has traditionally based its list of technology pioneers on each company's individual innovation, development of major technology and potential for a long-term impact on both business and society. As a relatively young social networking website, the recognition is a positive sign for Foursquare, which joins a prestigious list that has previously included Google and Twitter during their early years.

"Their technologies and business models will have a durable and valuable effect in several industries and society as a whole", Andre Schneider, managing director and chief operating officer of the World Economic Forum, said about the companies that made the list. "We look forward to their unique contributions to the mission of the forum - improving the state of the world".

For Foursquare, making the list of innovative businesses indicates its recent momentum and is a sign of hope for the company looking to battle with social networking giants Facebook and Twitter.

In fact, Facebook's recently announced Places application is expected to bring competition to Foursquare's rapid growth. However, some experts anticipate Foursquare to build on its emergence.