Gesellschaft mit beschränkter Haftung (pronounced [gəˈzɛlʃaft mɪt bəˈʃʁɛŋktɐ ˈhaftʊŋ], abbreviated GmbH [geː ʔɛm beː haː], in Austria also GesmbH or Ges.m.b.H.), which is German for "company with limited liability", is a type of legal entity very common in Germany, Austria, Switzerland and Liechtenstein. The name of the GmbH form emphasizes the fact that the owners (Gesellschafter, also known as members) of the entity are not personally liable for the company's debts.GmbHs are considered legal persons under German and Austrian law. Other variations include mbH (used when the term Gesellschaft is part of the company name itself), and gGmbH (gemeinnützige GmbH) for non-profit companies.
The GmbH has become the most common corporation form in Germany, since the AG (Aktiengesellschaft), the other major company form corresponding to a stock corporation, was much more complicated to form and operate until recently.
The laws governing this type of legal entity were adopted in Germany in 1892, and in Austria in 1906. The concept of limited liability created by these laws inspired the legal establishment of the limited liability company form in other countries, although the concept of a limited liability company already existed in the United Kingdom.
Innovation is a new idea, or more-effective device or process. Innovation can be viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. This is accomplished through more-effective products, processes, services, technologies, or business models that are readily available to markets, governments and society. The term "innovation" can be defined as something original and more effective and, as a consequence, new, that "breaks into" the market or society.
While a novel device is often described as an innovation, in economics, management science, and other fields of practice and analysis, innovation is generally considered to be the result of a process that brings together various novel ideas in a way that they have an impact on society.
In business and economics, innovation can be a catalyst to growth. With rapid advancements in transportation and communications over the past few decades, the old world concepts of factor endowments and comparative advantage which focused on an area’s unique inputs are outmoded for today’s global economy. Economist Joseph Schumpeter, who contributed greatly to the study of innovation economics, argued that industries must incessantly revolutionize the economic structure from within, that is innovate with better or more effective processes and products, as well as market distribution, such as the connection from the craft shop to factory. He famously asserted that “creative destruction is the essential fact about capitalism”. In addition, entrepreneurs continuously look for better ways to satisfy their consumer base with improved quality, durability, service, and price which come to fruition in innovation with advanced technologies and organizational strategies.
Innovations is a 1985 studio album released by Puerto Rican salsa group, El Gran Combo de Puerto Rico. The album holds the distinction of being the first #1 release on the Billboard Tropical Albums chart established in June 1985.
José A. Estévez, Jr. of Allmusic gave the album a mixed review criticizing the lack of novelties while stating Juan Cabeza Dura, No Me Olvides and La Loma del Tamarindo were "servicable".
Innovations is a peer-reviewed academic journal that focuses on entrepreneurial solutions to global challenges. It is published quarterly by the MIT Press.
Innovations published its first issue in 2006. It complements existing policy journals such as Foreign Affairs by focusing on micro-level solutions, innovations, and entrepreneurship in a variety of organizational settings. The editors are Philip E. Auerswald and Iqbal Z. Quadir.
The journal is jointly hosted at George Mason University's School of Public Policy, Harvard's John F. Kennedy School of Government, and MIT's Legatum Center for Development and Entrepreneurship. Working with the Schwab Foundation for Social Entrepreneurship, Innovations has produced special editions for the 2008 annual meeting of the World Economic Forum and the 2008 World Economic Forum on the Middle East (in Arabic and English).
Each issue of Innovations consists of four sections: