I think the point he was trying to make is that the space is freaking crowded. Reminders with Friends is probably not helping.
But it is a hard space because it is such a polluted space. we are thinking of possibly pivoting it and using what we learned building it into a new service that focuses on needs of businesses in regards to setting of geofences.
Location triggering reminders is actually a pretty damn useful thing. I can't remember how many times I can't remember to do something until its too late.
Unfortunately, this is something better built into a mobile device from the get-go, and not an add-on. If it was easy to set up, and did push or text notifications that would be nice. Getting the forgetful type to download and configure it will be the biggest challenge.
We are researching the geo-fencing for businesses because we have been approached by one for setting up a service for their business, so we are looking into whether there is need for other businesses or whether this will just be a consulting job.