At the Mashable Media Summit yesterday, Adam Ostrow of Mashable interviewed Dennis Crowley, founder of Foursquare, who got the crowd excited about his company’s plans.

This year, the company raised capital, hired 25 people and made some money. Still, Foursquare has yet to make any profit because, as Crowley explained, being profitable is not a focus right now. Instead the team is focused on innovating new features and building an infrastructure to support their impressive growth.

According to Crowley, the Foursquare team has so many ideas they ran out of whiteboards at the office. For users, this may mean more badges, city travel guides based on your friends’ favorite places, more “to-do” features, the ability to connect with people at your location, retail rewards for check-ins and maybe even another title to strive for in addition to Mayor. For businesses, this may mean more partnership opportunities, more input on badge creation, greater access to customer data and the ability to design rewards for check-ins or mayors.

When asked about Foursquare haters (Time magazine labeled Foursquare among the 50 worst inventions), Crowley politely countered with the notion that people like software challenging you to do something, inspiring you to do it and rewarding you when you achieve it.

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