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Xiaomi History, Product and Reviews

Xiaomi LogoXiaomi Technology Co., Ltd is the third largest smartphone maker in the world after Samsung and Apple. It takes only less than three years after its founding to make the company valued at $4 billion. In 2014, Xiaomi’s revenue increase US$12 billion with approximately 5,000 employess.

According to wikipedia, the name Xiaomi is the Chinese word for “millet”. In 2011, Lei Jun suggested there are more meanings than just the “millet and rice.”He linked the “Xiao” part to the Buddhist concept that “a single grain of rice of a Buddhist is as great as a mountain,” suggesting Xiaomi wants to work from the little things, instead of starting by striving for perfection, while “mi” is an acronym for Mobile Internet and also Mission Impossible, referring to the obstacles encountered in starting the company.

Xiaomi History

Headquartered in Beijing, China, Xiaomi Technology was founded in April 2010 by Lei Jun, the China’s 23rd richest person according to Forbes. The company was co-founded by eight partners on June 6, 2010. Temasek Holdings, IDG Capital and Qiming Venture Partners, and Qualcomm are its first institutional investors.

Lei Jun was born in Xiantao, a small city in China’s central Hubei province, 42 years ago. He was a key investor in China’s early Internet scene, and co-founding startups including Joyo.cn, and the recently listed YY Inc.

In a Reuters interview Lei Jun said “China’s media say I am China’s Steve Jobs,” “I will take this as a compliment but such kind of comparison brings us huge pressure. Xiaomi and Apple are two totally different companies. Xiaomi’s based on the Internet. We are not doing the same thing as Apple.”

As the world’s third largest smartphone distributor, the company designs, develops, and sells smartphones, mobile apps, and consumer electronics. It has more than 5,000 employees, mainly in mainland China, Malaysia, Singapore, and is expanding to other countries such as India,and Indonesia, and the Philippines.

Xiaomi only started selling smartphones in October 2011. The company has gained market share in mainland China and expanded into developing a wider range of consumer electronics. In 2014 it sells seven million units, exceeding its target of 2 million. The company is expected to rake in sales of up to 13 billion yuan ($2 billion) this year.

Xiaomi Product

Xiaomi sells most of its phones online and in small batches. This strategy creates pent-up demand that gives Xiaomi free marketing buzz. Its first batch of 50,000 phones released on October 30 sold out in less than two minutes. The company feeds the buzz by dangling teasers about new products and launch dates. CEO Lei Jun said “We’re not a company that chases sales volume. We chase customer satisfaction. We look for ways to give the customer a great surprise.”

Today, Xiaomi has became the world’s most valuable technology start-up after the company received $1.1 billion funding from investors by the end of December 2014.

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