Boston Consulting Group (BCG) has placed Xiaomi on its 50 Most Innovative Companies of 2022 list. The company is building up a portfolio spanning smartphones, wearable devices, smart home appliances, smart manufacturing solutions, smart electric vehicles and bionic robots.
The designation in part recognises Xiaomi’s commitment to pursuing technological innovation and to strengthening its research and development capabilities. In Q222, its research and development expenses reached RMB3.8 billion, an increase of 22.8% year-over-year. At a Xiaomi product launch event in August, Lei Jun, Founder, Chairman and CEO of Xiaomi Group, said that Xiaomi’s R&D investment has grown at a CAGR of 39.7% since 2017 and is expected to reach RMB17 billion in 2022, and RMB100 billion in the next five years.
BCG’s Most Innovative Companies ranking is based in large part on a survey of more than 1,500 global innovation executives who were polled in December 2021 and January 2022. It 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 2022 list include Microsoft, Alphabet, IBM, Pfizer, Coca-Cola, and Tencent.
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