Xiaomi, a renowned technology company, has been ranked 29th on the prestigious “50 Most Innovative Companies of 2023” list published by the Boston Consulting Group (BCG).
This signifies a notable improvement of two places compared to the previous year, highlighting Xiaomi’s commitment to innovation and its ability to transform investments into tangible outcomes.
To reinforce its dedication to innovation, Xiaomi has significantly increased its research and development (R&D) expenditures. In the first quarter of 2023, the company witnessed a substantial 17.7% rise in R&D expenses, reaching an impressive RMB4.1 billion.
Furthermore, Xiaomi’s focus on R&D is evident in its workforce composition, with over 16,500 employees dedicated to research and development, accounting for more than half of the company’s total workforce. These collective efforts have resulted in Xiaomi securing a remarkable portfolio of over 32,000 patents worldwide as of March 31, 2023. Looking ahead, the company is projected to invest over RMB20 billion in R&D throughout 2023.
Xiaomi has embraced technological transformation as a core strategy, particularly in the realm of Artificial Intelligence (AI). In April, the company officially established an AI Lab Foundation Model team, which now boasts a workforce of over 1,200 AI-related professionals. Xiaomi’s aim is to expand the application of AI across various user scenarios, leveraging technological advancements to their maximum potential and exploring opportunities for collaboration with prospective partners.
BCG’s annual ranking of the “Most Innovative Companies” is based on a comprehensive survey conducted with more than 1,000 global innovation executives between December 2022 and January 2023. The survey assesses companies based on four key categories: global mindshare, industry peer view, industry disruption, and value creation. Xiaomi’s inclusion in this prestigious list demonstrates its strong performance and recognition within the innovation landscape.
As Xiaomi looks to accelerate its growth, the company has identified 2023 as a crucial year. Anchored by its unwavering pursuit of technological advancement and its mission to enhance lives through innovative technology, Xiaomi is determined to execute its new business strategy focused on high-quality development. By prioritizing innovation and delivering cutting-edge products and services, Xiaomi aims to enable people worldwide to enjoy a better life.
