Deloitte expands global Catalyst network
Deloitte announced that it is expanding its Catalyst network, which connects startups with businesses and governments to develop “disruptive” technology and solutions.
The Big Four firm’s release on the announcement was vague about whether the expansion meant new startup partners, new Catalyst centers, or both. Deloitte Catalyst currently has a presence in the US, Israel, India, and “expanding geographies.”
Founded in 2016, Deloitte Catalyst is a network of startups that work to translate AI, IoT, blockchain, and other emerging technologies into practical business solutions. Catalyst pairs larger enterprises with the right startups to apply emerging technology, developing prototypes and running pilots. Deloitte then steps in as incubator to scale solutions into viable marketplace offerings.
"Catalyst takes the isolation out of innovation by connecting market leaders and disruptive startups to Deloitte's network of relationships and capabilities across the globe," Nishita Henry, principal and chief innovation officer, Deloitte Consulting, said. "Co-innovation is at the heart of everything we do and Deloitte Catalyst illuminates opportunities that help quickly generate efficiencies and bring next generation solutions to market faster."
Aside from playing matchmaker, Deloitte provides a range of services across the startup lifecycle to help Catalyst members grow, while also providing insights into new market channels. Members at launch included Narrative Science, Kira Systems, Ayasdi, and Loyyal.
Deloitte’s earlier collaboration with Kira Systems led to a machine-learning-powered text reader, which extracted and structured information from complex documents for analysis by Deloitte professionals. The solution won 2015 Audit Innovation of the Year from the International Accounting Bulletin.
More recently, Catalyst helped a large Asian automotive manufacturer navigate the booming Israeli startup ecosystem, acting as a strategic advisor and offering up its network of local talent and innovation resources.
"By cultivating new connections between enterprises, governments, and startups and developing solutions to support integration and product development, we illuminate business possibilities and introduce scalability into the innovation lifecycle," Amit Harel, director at Deloitte Catalyst Tel Aviv, added.
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