Greylock's David Thacker on Gowalla

Why did he invest? How will Gowalla compete and make money in this hot, but crowded space?

These days, checking into places is all the rage. David Thacker, a venture capitalist at Greylock, checks in 10 to 30 times a week using Gowalla, a service he introduced to Greylock.

Here's some highlights:

- David talks about what he first saw in Gowalla, referring to the big trends, such as the explosion of smart phones, the inclusion of GPS in phones, and growing demand for mobile applications. He also explained that the team was originally building a game for Facebook. They then took the same elements and ported them to the mobile device. He also points out that the "monetization" opportunity seemed like a significant one.

- David talks about how Gowalla uses game mechanics to hook users initially. But it's the growing user base that eventually makes Gowalla an utility.

- David also explains how Gowalla stands against Facebook Places and Foursquare.

- David explains Gowalla's monetization plans.

(Editor's note: David will be one of the VC panelists at our upcoming Vator Splash SF event held this February 3 at Cafe du Nord in San Francisco. Be sure to get early-bird tickets now or join the competition to get onstage.)