Cork Institute of Technology’s Nimbus Centre will help companies undertake “risk-free innovation” to bring their business into the digital era.

The Nimbus Centre, Ireland’s largest Internet of Things (IoT) research facility, is offering companies and start-up businesses free technical support and access to technological resources, in order to help them gain competitive advantage when it comes to the IoT.

Inventors and entrepreneurs with no resources or ability to technically implement their idea only have to pay the VAT on work undertaken by a 100-strong team of engineers and researchers at the Nimbus Centre. And since the VAT can be reclaimed, he work is essentially free.

"Businesses risk becoming stagnant if they do not embrace new technology," said Richard Linger, head of the industry division at Nimbus.

IoT presents businesses with opportunities as the world becomes more connected, Mr Linger said. However, technological advancement on such a scale means companies are also faced with new challenges as it becomes increasingly difficult to maintain relevance in an increasingly digital world. The failure of a single innovative project could also put a small company out of business.

“It can be a catch-22, as innovation also carries significant risk – an idea can be good on paper but not work in reality,” he said.

“This is where Nimbus can really help – not only do we provide the technical assistance to develop prototypes and new technology, we also offer advice on funding supports and insight as to whether an idea is technically feasible.”

A recent study by management consultancy firm Accenture indicates that the Internet of Things is driving a "we economy", as everybody and everything becomes connected.

“In the next few years, all companies will be digital in one way or another, regardless of the products they sell or the customers they serve,” Mr Linger said.