Ranked 24th in the 2020 report, Xiaomi is acknowledged for its boundary busting innovation efforts
This is the third time the company has made the list after the rankings of 2014 and 2016 respectively
Beijing, CHINA, June 23, 2020 – 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.
About Xiaomi Corporation
Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2018 (1810.HK). Xiaomi is an internet company with smartphones and smart hardware connected by an IoT platform at its core.
With an equal emphasis on innovation and quality, Xiaomi continuously pursues high-quality user experience and operational efficiency. The company relentlessly builds amazing products with honest prices to let everyone in the world enjoy a better life through innovative technology.
Xiaomi is currently the world’s fourth-largest smartphone brand, and has established the world’s leading consumer IoT platform, with 252 million smart devices connected to its platform, excluding smartphones and laptops. Xiaomi products are present in more than 90 markets around the world.
In July 2019, the company made the Fortune Global 500 list for the first time, ranking 468th among all, and 7th among internet companies. Xiaomi is the youngest company on the 2019 Fortune Global 500 list. In May 2020, the company made the Forbes Global 2000 List again and its ranking jumped to 384th.
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