The Economist announced the 2010 winner of its prestigious Corporate Use of Innovation Award: Huawei, Chinas largest maker of telecoms equipment.
The award will be presented at a ceremony to be held at the Science Museum in London on 21st October 2010. Now in their ninth year, the Awards have celebrated the corporate use of innovation since 2007 with an award that recognises large companies able to create particularly innovative environments and quickly respond to market trends.
Founded in 1988, Huawei has risen to become one of the worlds largest makers of telecommunications equipment. The Chinese firms products and solutions are deployed in over 100 countries, are used by 45 of the top 50 global telecoms operators, and serve one-third of the worlds population.
46% of Huaweis 95,000 staff are engaged in R&D activities. Huawei is respected for the quality and innovation of its products: it topped the World Intellectual Property Organisations 2008 rankings for international patent applications, and was placed second in the 2009 rankings.
Commenting on the award decision, Tom Standage, Digital Editor at The Economist said, Huawei is the firm that is overturning the widely held preconception that Chinese companies are merely imitators rather than innovators.