The Boston Consulting Group (BCG) ranked Xiaomi 29th in its list of the "Fifty Most Innovative Companies of 2023", two places higher than a year earlier. The ranking is recognition of Xiaomi's prioritisation of innovation: it is constantly mobilising financial and intellectual resources to achieve ever greater results.
In the first quarter of this year, Xiaomi's research and development (R&D) expenditure increased by 17.71T$3.3T year-on-year to reach 4.1 billion yuan.As of March 31, 2023, the number of employees in R&D was 16,500, which is more than half of Xiaomi's total employees. By 31 March 2023, Xiaomi's efforts had resulted in more than 32,000 patents worldwide. Total R&D investment this year is expected to exceed 20 billion yuan.
Xiaomi has recently undergone a technological transformation, which has also included artificial intelligence (AI), resulting in the official creation of the company's AI Lab Foundation Model team in April, which now has more than 1,200 employees. Xiaomi continues to expand its user guidelines on AI, maximise technological advances and explore opportunities for collaboration with potential partners.
BCG's ranking of the most innovative companies is based on a survey of more than 1,000 global innovation leaders interviewed between December 2022 and January 2023. The survey assesses company performance in four categories: global mindshare, industry expert vision, industry challenges and value creation. BCG has published its annual innovation report since 2003, and this year's list includes companies such as Amazon, Alphabet, Microsoft, Siemens, Pfizer, SpaceX, Nike, Apple and IBM.
Xiaomi sees 2023 as a pivotal time to further accelerate its growth momentum and is committed to driving forward its new business strategy, which focuses on the highest quality development and the mission to make life better for everyone in the world through innovative technology.
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