Banner.png (600.9 KB, Downloads: 0) 2019-04-07 07:45:26 Upload
Banner.png (600.9 KB, Downloads: 0)
2019-04-07 07:45:26 Upload
Hey Mi Fans,
Nine years ago, eight people came together in Beijing with one purpose: To create something cool! And it took them just a bowl of millet porridge to know what they wanted to call the company. Thus, Xiaomi was created.
Little did they know they were creating one of the biggest smartphone companies in the world.
Today, Xiaomi is not just a smartphone maker. It’s a way of living. Its products can replace nearly all of your essential electronics at home, ranging from tiny smart bulbs to heavy duty washing machines and water purifiers. The Xiaomi fever is spreading ever quickly and they seem unstoppable right now. Despite its solid footing in the smartphone industry, Xiaomi had its fair share of struggles and downfalls. And the company has shown us that it’s here to stay by surviving all those tough times. In fact, the company’s turnaround story is so good that people often refer to it as the ‘Chinese Pheonix’!
From making smartphones that borrowed its design from competitors to leading the industry in multiple facets, Xiaomi has carved out a niche of its own in this highly competitive market. To be honest, the smartphone industry wouldn’t have been the same without Xiaomi.
So, it’s only fitting to see some of the biggest milestones by the company on its ninth birthday. So, hop on to this Xiaomi story where you’ll get some interesting facts and figures of the company.
How It All Began!
Xiaomi’s initial team members having millet porridge Source: Donovan Sung Twitter
Xiaomi is headquartered in Beijing, China and started its journey with eight co-founders and fourteen employees on April 6, 2010.
Xiaomi’s logo is abbreviated as Mi and stands for ‘Mobile Internet’. Mi has other meanings as well, which include ‘Mission Impossible’ which represents the various challenges the company had to overcome in its initial years.
The Chinese word for Xiaomi is ‘小米’ which means ‘Millet’. When one of the co-founder’s father cooked millet porridge for the entire team, the company decided to go with this name since it represents affordability and nutrition.
Fun Fact: Xiaomi’s founder, Lei Jun adds “When I went to the trademark registration, someone asked me whether we are an innovative agricultural technology company,”.
Lei Jun and Lin Bin, the two founders of Xiaomi were already good friends before starting off their new idea. Lin Bin met Lei Jun around early 2009 when Google decided to partner with UC Browser. Back then, Lin Bin was at Google heading the company’s mobile products and business developments in China. Lei Jun was the Chairman of UC Web, and it was only natural that they became good friends.
Xiaomi cofounders Source: blog.mi.com
Xiaomi started its operations with eight co-founders. They were all in their 30s or 40s, which was above the average age for startup co-founders in China at that time. Nevertheless, they brought in years of rich experience to the company.
Xiaomi’s New Store in Madrid, Spain
Xiaomi started off with just 14 employees.
Right now, the company has over 18,000 employees spread throughout China, India, and other countries.
While Lei Jun and Lin Bin retain over 40% of shares in Xiaomi, there are 7000+ employees in the company with its shares or options. This was because Xiaomi’s executives offered share options to its employees right from the start. In fact, at the time of Xiaomi’s IPO, it was said that around 56 early employees of the company were all set to become millionaires.
When word spread back in 2010 that Lei Jun and his co-founders were racking up their own money for a venture financing round, there were employees like Li Weixing and others who wanted to join them. Lei Jun had hinted in an interview conducted in March that they had to let everyone in since they can’t let only Weixing invest. The investments from the rank-and-file were capped at about 300,000 yuan each to limit risk and stop employees from taking out loans to invest. The employee who even took out her dowry of around 100,000 to 200,000 yuan ($16,000 to $31,000) was simply identified as employee No. 14, a receptionist now working in Xiaomi’s human resources office.
Today, many of them are millionaires.
Xiaomi’s Smartphone Journey: A Solid Start
Xiaomi’s Smartphone Journey: Trying Times
Xiaomi Mi 4i
Xiaomi’s Smartphone Journey: China’s Pheonix!
Xiaomi started focusing on offline sales
Xiaomi’s 9 Year Journey In Figures
Xiaomi logo in front of the headquarter
As compared to some of the big players out there, Xiaomi’s journey is quite short. However, what the company has managed to do in these short 9 years says a lot about the way it works.
For example, Xiaomi exceeded its revenue goal of RMB 100 billion in just over 7 years! For the same target, Apple took 20 years, Facebook 12 years, Google nine years, Alibaba 17 years, Tencent 17 years, and Huawei 21 years!
After its Hong Kong IPO, the company is going strong with its strategy of product diversification. Hence, it isn’t really surprising to see that the company released over 44 non-smartphone products since January 2019!
So, on its 9th birthday, we wish Xiaomi all the success in the coming years. We hope it continues to offer great products and features at an affordable price tag, leading the way for all other companies out there!