Xiaomi has been ranked 29th on Boston Consulting Group’s (BCG) “50 Most Innovative Companies of 2023” list, marking a two-spot improvement from the previous year.
This recognition highlights Xiaomi’s commitment to prioritizing innovation, investing in talent and resources, and effectively translating investments into tangible outcomes. In the first quarter of 2023, Xiaomi’s research and development (R&D) expenses rose by 17.7% compared to the previous year, reaching RMB 4.1 billion. By March 2023, the company had over 16,500 R&D personnel, constituting more than 50% of its total workforce. Xiaomi also achieved more than 32,000 patents worldwide through its R&D efforts. It anticipates exceeding RMB 20 billion in total R&D investment for 2023.
Xiaomi has embraced technological transformation, particularly in the realm of Artificial Intelligence (AI). The company established an AI Lab Foundation Model team in April and currently employs over 1,200 AI-related professionals. Xiaomi intends to expand AI-related user scenarios, harness technological advancements, and explore collaborative opportunities with potential partners.
BCG’s Most Innovative Companies ranking is based on a survey of over 1,000 global innovation executives conducted between December 2022 and January 2023. The evaluation criteria encompass a company’s global mindshare, industry peer view, industry disruption, and value creation. The annual innovation report has been published by BCG since 2003, featuring prominent companies such as Amazon, Alphabet, Microsoft, Siemens, Pfizer, SpaceX, Nike, and IBM, among others.
Xiaomi views 2023 as a pivotal year for accelerating its growth. The company remains steadfast in advancing its new business strategy, with a strong focus on high-quality development driven by its unwavering commitment to technological advancement. Xiaomi aims to enhance people’s lives through innovative technology, aligning with its vision of “Make friends with users and be the coolest company in the users’ hearts.”