From Deseret News archives:
Michelangelo of commercialization
Founding partner of vSpring Capital has his fingerprints on 50 to 100 companies
TheraTech, sold for $350 million, "was a good success and a lot of people did well," he said. "And the good part is it's still here and it's growing."
A couple of other company startups followed, "and it got to a point where there were too many companies. I was thinking more about a venture capital fund." That's how vSpring came about.
"It's been a very good journey," Patel said about his life. "The goal was always to own your own business, to not work for somebody. You didn't think that far through, but you always had that in mind, that you've got to start and get on your own."
But being "on your own" does not mean going it alone. Patel acknowledges his willingness to work hard and his passion for his work, but he's also quick to credit others for their contributions to his success.
Patel also admits that successful people often are those willing to take risks. He co-founded TheraTech without any venture funding but with dreams of a manufacturing plant and "my own ideas on paper."
"To start a company based on that takes a lot of faith in what you're doing," he said. "A lot of times, it's just thinking outside the box and not being afraid to take a chance. A lot of people have ideas, but they're in that comfort zone and don't want to take that risk. You have to be a little bit of a risk-taker, and if you don't do that, you won't achieve much these days."
His own achievements have brought both fame and fortune, and Patel has distributed the latter freely. Among the examples are graduate fellowships at universities, including one he and his brothers established at the University of Michigan. He's helped others locally through contributions to various charitable activities as well as people half a world away. He and his brothers have built a hospital in India in the village where their father was born. The 45-bed facility is named for Chhotubhai A. Patel.
"Seeing the impact that is making on the lives of so many people, I think that will be far beyond what we are doing here," Patel said.
Ahlstrom said many people have received help from Patel, "and all the good things happening to Dinesh are the result of his seeds of kindness he's sown over the years."
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