The jury is still out whether Foursquare Inc. can figure out a way to monetize its hot location-based mobile service, but that hasn't stopped the World Economic Forum from including it among a class of 31 companiesdeemed pioneers in technology, the same honor it once bestowed on a young Google Inc.

Of the companies selected, 17 were from the U.S. Five Silicon Valley companies made the list, as did two from the Boston area. The forum recognized the companies among those poised to have a critical impact on the future of business,...