Xiaomi

Successful companies have the same ingredients to keep thriving. Among them is the ability to adapt and innovate. Innovation is how companies protect themselves in the face to economic uncertainty. Boston Consulting Group (BCG) identifies the most innovative companies by using the same formula every year. Those that consistently launch new products, enter new markets, and establish new revenue streams are companies that deserve to be featured in their annual Most Innovation Companies report. This year, Xiaomi not only made the cut, but moved up on the list. BCG has ranked Xiaomi 29^th on its 50 Most Innovative Companies of 2023 list, two places higher than last year. Based on the data released by the technology company, they have rightfully earned that spot. Xiaomi’s research and development efforts have yielded the company more than 32,000 patents worldwide as of March 31 of this year. The company does this by putting innovation at the helm of everything it does. By making it a priority, they are able to commit investment and talent to it, and they turn their investment into successful results. In this year’s first quarter, Xiaomi’s R&D expenses increased by 17.7 percent compared to the year before, reaching almost US$580 million. As of March 31, 2023, the number of R&D personnel was approximately 16,500, more than 50 percent of the company’s total employees. Moreover, the total R&D investment for 2023 is expected to exceed US$2.8 billion.