Il Boston Consulting Group (BCG) ha inserted Xiaomi in 29th place of its list of the “50 Most Innovative Companies of 2023”, gaining two places more than last year.
The recognition acknowledges how much Xiaomi considers innovation a priority, dedicating investments and talents to it and working to transform its efforts into results. In the first quarter of this year, Xiaomi’s research and development (R&D) expenses increased by 17.7% over the previous year, reaching RMB 4.1 billion. To the March 31, 2023, R&D personnel number around 16,500, accounting for more than 50% of Xiaomi’s employees. Xiaomi’s R&D efforts have enabled the company to obtain more than 32,000 patents* worldwide. Total R&D investment for 2023 is expected to exceed RMB 20 billion.
The company has embraced technological transformation, including artificial intelligence (AI). In April, it officially established an AI Lab Foundation Model team that has more than 1,200 AI employees. The company will continue to expand AI-related use scenarios, maximize advances in the technology, and explore new opportunities with potential partners.
The BCG Most Innovative Companies ranking is based on a survey of more than 1,000 global innovation industry executives interviewed in December 2022 and January 2023. The survey evaluates a company’s performance in four categories : global mindshare, industry peer review, industry disruption and value creation.
The BCG has been publishing its annual innovation report since 2003. Other companies on the 2023 list include Amazon, Alphabet, Microsoft, Siemens, Pfizer, SpaceX, Nike, IBM, and many others.
Xiaomi considers 2023 as the crucial year to accelerate its growth. The company will continue to vigorously pursue its new business strategy, focusing on high-quality development, based on the relentless pursuit of technological progress and on its mission to enable all users of the world to enjoy a better life through the technology innovation.
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