Speed dating is a formalized matchmaking process of dating system whose purpose is to encourage people to meet a large number of new people.
Most speed dating events match people at random, and participants will meet different "types" that they might not normally talk to in a club.
On the other hand, feedback and gratification are delayed as participants must wait a day or two for their results to come in.
The time limit ensures that a participant will not be stuck with a boorish match for very long, and prevents participants from monopolizing one another's time.
Online dating participants, in contrast, only find a compatible match with 1 in 100 or fewer of the profiles they study.
As reported by the BBC in the Science of Love, it only takes between 90 seconds to 4 minutes of face-to-face interaction to determine attraction, which gives speed dating an advantage over online dating.