I think there is a trick to this. If the local event you're developing your product around is actually specific to one location, I would say it's probably a bad

I think there is a trick to this. If the local event you're developing your product around is actually specific to one location, I would say it's probably a bad idea. For example, I'm in the DC area (for now) and I would consider it to be a bad idea to make a "Lincoln Memorial-centric App" because people can only see the Lincoln Memorial if they are in DC and thus I immediately limit my market to those who live nearby and those who visit. On the other hand, an app meant to socialize something like eating is probably a better idea because while eating is a local event, it happens everywhere. A good example for these "hybrid-local/global" companies would be grubwith.us or geo-caching services. Hope this was clear. Not much time to write :)