Boston Consulting Group (BCG) has identified Xiaomi Corp as one of the most innovative companies.
Xiaomi was ranked 29th on its 50 Most Innovative Companies of 2023 list, two places higher than in 2022.
Based on the data released by the technology company, Xiaomi rightfully earned that spot.
This means Xiaomi’s research and development efforts have yielded more than 32,000 patents worldwide as of March 31 of this year.
Annually, BCG identifies companies that consistently launch new products, enter new markets, and establish new revenue streams are companies that deserve to be featured in their Most Innovation Companies report.
Xiaomi’s research and development (R&D) expenses increased by 17.7% compared to the previous year, reaching almost US$580 million in the first quarter of 2023.
As of March 31, 2023, the number of R&D personnel was approximately 16,500, which is more than 50 per cent of the company’s total employees. Xiaomi’s total R&D investment for 2023 is expected to exceed US$2.8 billion.
“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,” Xiaomi said in an emailed statement.
