Xiaomi has secured the 29th position on Boston Consulting Group’s (BCG) list of the 50 Most Innovative Companies of 2023, demonstrating a two-spot improvement from last year. This recognition highlights Xiaomi’s strong emphasis on innovation, as it dedicates substantial resources and talent towards this endeavor, effectively converting investments into tangible outcomes. In the first quarter of this year, Xiaomi witnessed a 17.7% surge in research and development (R&D) expenditures compared to the previous year, amounting to RMB4.1 billion. By March 31, 2023, Xiaomi employed approximately 16,500 R&D personnel, accounting for over half of its workforce. Notably, Xiaomi’s R&D endeavors have yielded an impressive portfolio of more than 32,000 patents worldwide by March 31, 2023. Anticipated R&D investment for 2023 exceeds 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 advances in technology, 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, etc.
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 in the world enjoy a better life through innovative technology.
