Xiaomi secures higher ranking in Boston Consulting’s 50 Most Innovative Companies List

Xiaomi, a Chinese firm that focuses on producing consumer electronics, secured the 29th spot in Boston Consulting Group's 50 Most Innovative Companies list this 2023—two spots higher than last year.

File photo: Xiaomi 11T Series

Xiaomi continues to make a name worldwide

According to Xiaomi, BCG's Most Innovative Companies ranking is based on a survey of more than 1,000 global innovation executives who were polled in December 2022 and January 2023. The survey assesses a company’s performance in four categories: global mindshare, industry peer view, industry disruption, and value creation.

In a statement, the smartphone giant said the recognition proves Xiaomi’s commitment to continue its investment in innovation. For the first three months of 2023 alone, Xiaomi said its research and development expenses jumped by 17.7 percent to RMB 4.1 billion or about PHP 32 billion.

It also ended the first quarter with around 16,500 R&D personnel. In March, Xiaomi said its efforts resulted in more than 32,000 patents worldwide.

For this year, investment in research and development is expected to surpass RMB 20 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 enjoy a better life through innovative technology, the group said.

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