Xiaomi moves up BCG's Most Innovative Companies ranking for 2023

Boston Consulting Group (BCG) has ranked Xiaomi 29th on its 50 Most Innovative Companies of 2023 list, two places higher than last year.

The designation is recognition that Xiaomi makes innovation a priority, commits investment and talent to it, and works to transform investment into results. In this year's first quarter, Xiaomi's research and development (R&D) expenses increased by 17.7% compared to the year before, reaching RMB4.1 B. Xiaomi's R&D efforts have yielded the company more than 32,000 patents worldwide as of March 31, 2023. Total R&D investment for 2023 is expected to exceed RMB20 billion.

The company has embraced technological transformation, including artificial intelligence (AI). The company will continue to expand AI-related user scenarios, maximise advances in technology, and explore opportunities with potential partners.

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.

BCG has published its annual innovation report since 2003. Other companies on the 2023 list include Amazon, Alphabet, Microsoft, Siemens, and IBM.

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