Why has no one replaced speakerphones yet?

To the budding entrepreneurs of Hacker News, I issue a challenge: develop a technology to replace speakerphones. There is nothing like being on the receiving end of a speakerphone and straining to understand what the guy in the back of the room is trying to say.

I can't say how this should work - that's up to you to work out. One solution might entail everyone synchronizing their smart phones. Another solution might involve a receiver and a room full of bluetooth headsets.

Perhaps I am thinking too narrowly about the problem, and some brand new mode of teleconferencing will render speakerphones obsolete. Regardless, thanks for your consideration! I look forward to never having to talk to a speakerphone again.