Company has been investing more than 10% of its annual sales revenue on R&D since 1987.
Huawei’s deputy chairman and rotating CEO Ken Hu said that "Innovation is not a sprint, it’s a marathon," highlighting howcompanies need to plan in the long term when it comes to research and development.
He claimed that Huawei has invested 14% of its annual sales revenue, amounting to $6.6bn, towards Research and development (R&D) efforts.
At the 14th Munich Economic Summit, Huawei deputy chairman Ken Hu emphasised upon the need towards a long-term investment program for R&D, and announced that the company has been investing at least 10% of its annual sales revenue on R&D every year since the company was formed in 1987.
Huawei has reportedly spent more than $30bn on R&D, and around 170,000 employees of the company are dedicated towards R&D work.
As a result of its R&D projects, the company received 38,825 patents last year alone, that were mostly related to inventions.
According to Hu, the innovations were a result of customers’ needs and their expectations of the company.
Hu said: "Customer needs should be the driving force and purpose of innovation." "The best reward for innovation is customer success."
Huawei presently operates 16 research institutes and has established 31 joint innovation centers.
The company has established a joint innovation centre with European Research Institute, where research work is being conducted to develop next-generation network technologies.