According to a recent report by the consulting firm Boston Consulting Group (BCG), Xiaomi has been ranked at number 24 of the World ranking of the 50 most innovative companies in 2020. This is the third time that the company has been on this list, since it ranked 35th in the 2014 and 2016 rankings.
The Report, entitled “The most innovative companies of 2020: the imperative of serial innovation” recognizes Xiaomi for its active innovation efforts between industries, according to a new scoring system that takes into account the variety and intensity of each company when it comes to breaking boundaries.
In the words of Shou Zi Chew, President of Xiaomi International
“ This result goes hand in hand with our mission to allow Everyone enjoys a better life through innovative technologies, something that has been widely recognized by our fans in the more than 90 markets around the world where we are present. […] In this company, we embrace a culture of bold innovation to push the limits of what technology can offer “.
In this regard, Xiaomi is committed to investing at least RMB 50 billion over the next five years in 5G + AIoT in addition to steadily increasing its investment in research and development (R&D) in recent years. In this sense, for example, in 2019, its R&D investment reached RMB 7.5 billion (which represented an increase of 29.7% compared to the previous three years); while in 2020 it is expected to reach RMB 10 billion. As of March 31, 2020, a total of 8,984 Xiaomi employees are engaged in R&D, which represents 48.6% of the company’s total workforce.