Apple needs to go beyond some data-sharing deal with Foursquare.
They need to BUY Foursquare. Apple is the only big player who does not own their own Points of Interest data. This is a HUGE problem, as we've seen with iOS 6 Maps. Apple cannot compete with Google by simply doing licensing deals with 3rd parties. They need to invest heavily in data, so that they own the data. Owning the data means 1) no restrictions on how its gathered and used, 2) the data is exclusive to Apple, 3) it is easier to integrate with other Apple services.
Does Tim really get this? I mean what is Apple planning to do with that $120B+ in the bank? Make a 50 foot tall solid gold statue of Steve Jobs? Put an Apple store on Mars? Foursquare could be bought for less than Instagram (which was an overpriced $1B), most likely. A drop in the bucket for Apple. They need to ramp up R&D on geo-data quickly and spend considerable effort on it. Google has done this for years and continues to do this. Apple will slip further and further behind if they don't get their act together. They don't have the luxury of piggybacking on Google's services anymore.
Well said.