New York City is widely considered as one of the most creative cities worldwide – a mecca not only for the performing arts with world class musicians, dancers and renowned art galleries. It’s creativity spills over into the business world – only behind the Bay Area. With a plethora of office space for small businesses available in New York City, in the middle of one of the most productive corridors with highly educated workers in the labor force, NYC has become a new hotspot for startups, creating new products and revolutionizing communications.
Samsung is the latest company to look to New York City for help in advancing their products and building their business. They’ve invested in a new office space in the trendy Chelsea neighborhood of Manhattan, according to the latest reports. It’s called the Samsung Accelerator – with it’s own website - calling it a space “devoted to entrepreneurs who want to help [Samsung] develop products and services that can become the connective tissue between our family of devices”. The open office, sharing space with other startups in the neighborhood, will accomidate 40 to 50 people. Samsung is operating a similar incubator in Palo Alto, California.
Samsung hopes it’s efforts will help it keep it’s position as the worldwide leader in smartphone devices and help it build it’s U.S. audience where it is behind the maker of the iconic iPhone, Apple. Samsung spends about 6% of it’s budget on research and development, compared to 4% for Apple.
The Chelsea location joins a growing list of technology firms operating in Chelsea, Flatiron, and Union Square. Google is Chelsea’s most notable tenant along with many quickly growing small businesses. The firms range from software development to using the internet as a marketing tool and are a major driver of employment growth in the city.