Xiaomi lists two places higher than last year
Xiaomi has achieved a significant milestone by securing the 29th spot on the prestigious “50 Most Innovative Companies of 2023” list published by Boston Consulting Group (BCG). This ranking reflects Xiaomi’s ongoing commitment to innovation and its ability to transform investments into impactful results, elevating the company by two positions compared to the previous year.
The recognition underscores Xiaomi’s unwavering dedication to making innovation a priority, along with its substantial investments in talent and resources. During the first quarter of this year, Xiaomi witnessed a 17.7% increase in research and development (R&D) expenses compared to the previous year, amounting to RMB 4.1 billion. As of March 2023, Xiaomi boasted an R&D workforce of approximately 16,500 individuals, representing over 50% of the company’s total employees. Notably, Xiaomi’s R&D endeavors have led to the acquisition of more than 32,000 patents worldwide. The company’s total R&D investment for 2023 is expected to surpass RMB 20 billion.
Xiaomi has embraced technological transformation and has made notable strides in the field of Artificial Intelligence (AI). In April, the company established an AI Lab Foundation Model team, which now comprises over 1,200 dedicated AI professionals. Xiaomi intends to further expand the implementation of AI across various user scenarios, maximize the potential of technological advancements, and explore strategic partnerships to unlock new opportunities.
BCG’s ranking of the Most Innovative Companies is based on a survey conducted among more than 1,000 global innovation executives in December 2022 and January 2023. The survey evaluates companies based on four key criteria: global mindshare, industry peer view, industry disruption, and value creation.
Since 2003, BCG has been publishing its annual innovation report, recognizing companies that demonstrate exceptional innovation practices. The 2023 list includes notable names such as Amazon, Alphabet, Microsoft, Siemens, Pfizer, SpaceX, Nike, IBM, among others.
For Xiaomi, 2023 marks a crucial year in its growth trajectory. The company remains steadfast in its commitment to drive high-quality development, underpinned by its relentless pursuit of technological advancements. Xiaomi’s ultimate mission is to enable everyone to enjoy a better life through innovative technology.
