Daryl Obert from Autodesk uses the motion graphics toolkit with a cloth solver to generate a cool-looking effect.
First he looks at various attributes in the nCloth shape node to get the geometry floating like a helium balloon. He then creates a MASH network and gets it to follow the deforming object.
MASH is a procedural animation toolkit, which originally shipped with Maya 2016 extension 2. Check out the reel for MASH in the video below.