Boston Consulting Group (BCG) has ranked Xiaomi 29th on its “50 Most Innovative Companies of 2023” list, two places higher than last year.
The designation is a recognition that Xiaomi makes innovation a priority, commits investment and talent to it, and works to transform investment into results. In this year’s first quarter, Xiaomi’s research and development (R&D) expenses increased by 17.7% compared to the year before, reaching RMB 4.1 billion. As of March 2023, the number of R&D personnel reached approximately 16,500, which was more than 50% of Xiaomi’s employees. The same month, Xiaomi’s R&D efforts have yielded the company more than 32,000 patents worldwide. Total R&D investment for 2023 is expected to exceed RMB20 billion.
The company has embraced technological transformation, including Artificial Intelligence (AI). It officially established an AI Lab Foundation Model team in April and has more than 1,200 AI-related employees. The company will continue to expand AI-related user scenarios, maximize technological advances, and explore opportunities with potential partners.
BCG’s Most Innovative Companies ranking is based on a survey of more than 1,000 global innovation executives who were polled in December 2022 and January 2023. The survey assesses a company’s performance in four categories: global mindshare, industry peer view, industry disruption, and value creation.
BCG has published its annual innovation report since 2003. Other companies on the 2023 list include Amazon, Alphabet, Microsoft, Siemens, Pfizer, SpaceX, Nike, IBM, among others.
Xiaomi identifies 2023 as the crucial year for accelerating Xiaomi’s growth. The company will remain resolute in advancing its new business strategy with a focus on high-quality development anchored on its relentless pursuit of technological advancement and its mission to let everyone enjoy a better life through innovative technology.