Xiaomi was founded in 2010 by entrepreneur Lei Jun with the belief that high-quality technology should not be expensive. The company creates hardware, software, and internet services with the help of its "Mi fans" and incorporates their feedback into its product range. In August 2011, Xiaomi released its first smartphone and, by 2014, it had the largest market share of smartphones sold in China. Initially the company only sold its products online; however, it later opened brick and mortar stores. By 2015, it was developing a wide range of consumer electronics. In 2020, the company sold 146.3 million smartphones and its MIUI operating system has over 500 million monthly active users. In the second quarter of 2021, Xiaomi surpassed Apple Inc. to become the second-largest seller of smartphones worldwide, with a 17% market share, according to Canalys.