Updates from the MIC alumni

IT’S ALL ABOUT MI

XIAOMI

Two years ago, Xiaomi seemed untouchable. The Beijing-based startup had unseated Apple as the top smartphone maker in China, and the success of its strategy—high-end devices sold at ultrathin margins—helped it reach a $45 billion valuation. But in 2015, Xiaomi faced a slowing Chinese market and powerful new rivals such as Huawei Technologies. By the end of the year, Xiaomi had sold just 70 million mobile devices after initially forecasting 100 million.

Now the company is working to expand its offerings, both to generate new revenue streams and to prove that it’s more than just an iPhone rival. In March, it released a smartphone-controlled rice maker that can automatically calculate cooking times. Though it might come off as a novelty product, the device is part of a much larger plan: to build out an Internet-based ecosystem that connects a wide range of Xiaomi products. For example, the company’s critically lauded Mi 5 phone enters Do Not Disturb mode if its owner falls asleep while wearing the Mi Band fitness tracker.

Xiaomi has invested in 55 different companies that are designing and manufacturing