Xiaomi Makes A Reappearance In The World’S 50 Most Innovative Companies

Xiaomi Makes A Reappearance In The World’S 50 Most Innovative Companies

Global technology leader Xiaomi is ranked at No. 24 among the 50 most innovative companies of 2020 in the world, making its reappearance on the list, according to a latest report by Boston Consulting Group (BCG).

The BCG report titled: The Most Innovative Companies 2020: The Serial Innovation Imperative, acknowledges Xiaomi for its active cross industry innovation efforts, based on a new scoring dimension that captures each firm’s variety and intensity of boundary breaking.

“In a world where every industry is becoming a technology industry to some degree, this kind of boundary-busting innovation is an increasingly important innovation capability,” according to the report.

“This result is in tandem with our mission of letting everyone in the world enjoy a better life through innovative technology, something that has been widely recognized by our Mi Fans and users in over 90 markets around the world where we are present,” said Shou Zi Chew, President of International, Xiaomi.

“At this company, we embrace a culture of bold innovation to push the boundaries of what technology can offer. A spirit of innovation permeates our company and guides our pursuits of relentlessly building amazing products, while bringing down the barrier of innovative technologies,” Shou added.

The company is committed in investing at least RMB 50 billion (~USD 7 billion) over the next five years in “5G+AIoT” to double down on its lead in the “5G+AI+IoT” (5G+AIoT) and next generation super internet”, and to ensure the company wins in this new smart era.

The company has also continually increased its research and development (R&D) investment. In 2019, the company’s R&D investment reached RMB 7.5 billion, a 29.7% year-on-year increase on the back of substantial R&D expansion for the three prior years. In 2020, the investment is expected to increase to RMB 10 billion. As of March 31, 2020, the R&D personnel, totaling 8,984, were staffed across various departments, accounting for 48.6% of all full-time employees.

Xiaomi’s patent portfolio covers many fields with respect to smartphones, smart hardware, internet technologies, manufacturing and product design. As of December 31, 2019, the company held over 14,000 granted patents and over 16,000 pending patent applications worldwide. Among the granted ones, over 6,500 patents were registered in various overseas countries and jurisdictions.

This is the third time Xiaomi has made the list. The company ranked as No. 35 twice respectively among the 50 most innovative companies of 2014 and 2016.