Innovation is a fundamental element in the world of technology. In fact, companies that do not put in place real innovations risk making customers go somewhere else. In any case, among the companies that have managed to innovate more in recent years, there is definitely Xiaomi.
Press release: Milan, June 25, 2020 – Xiaomi, a world leader in technology, ranks 24th among the 50 most innovative companies of 2020 globally, according to the Boston Consulting Group (BCG) report.
“In a world where every industry is somehow becoming a technology industry, this type of innovation that crosses borders is an increasingly important capacity for innovation“, according to BCG’s annual report, entitled The Most Innovative Companies 2020: The Serial Innovation Imperative, which recognizes Xiaomi’s efforts in innovation.
“This result goes hand in hand with our mission, that is to allow everyone in the world to live a better life through innovative technology, a feature that has been widely recognized by our Mi Fans and by users in over 90 markets in which we are present,” said Shou Zi Chew, President of International of Xiaomi.
“In Xiaomi, we embrace a culture of bold innovation for push beyond borders of what technology can offer. A spirit of innovation permeates our company and guides our research in building non-stop extraordinary products while breaking down the barrier of innovative technologies” Shou added.
The company is investing around RMB 50 billion (about $ 7 billion) in developing “5G + AIoT” over the next five years to double its advantage in “5G + AI + IoT” (5G + AIoT) and the next generation of “Super Internet”, and to ensure the company to win in this new smart era.
Xiaomi constantly increases investment in research and development (R&D). In 2019, the R&D investment of the company reached 7.5 billion RMB, an increase of 29.7% over the previous year, thanks to the substantial expansion of R&D in the previous three years. In 2020 the investment is expected to reach 10 billion RMB. As of March 31, 2020, the R&D staff, for a total of 8,984 people, represented 48.6% of all full-time employees.
Xiaomi’s patent portfolio covers several areas, from smartphones, to intelligent hardware, to Internet technologies, to the production and design of products. As of December 31, 2019, the company held over 14,000 patents granted and over 16,000 pending patent applications worldwide. Among those granted, over 6,500 patents have been registered in various countries and foreign jurisdictions.
Thus it is the third time that Xiaomi appears in this ranking. In fact, the company ranked 35th among the 50 most innovative companies twice, in 2014 and 2016.