From Deseret News archives:

Michelangelo of commercialization

Founding partner of vSpring Capital has his fingerprints on 50 to 100 companies

Published: Sunday, Aug. 20, 2006 12:07 a.m. MDT
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"From way back when, I always had an interest in starting my own company, and somehow pharmaceuticals interested me," Patel said. "Typically in Africa, most of the parents' dream is for you to become a doctor or engineer. That's what most people thought of. I kept thinking about maybe chemical engineering, but that allowed me to think about the manufacturing of drugs."

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.

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"You have to surround yourself with really smart people — people who are smarter than you. There are always areas where you're weak, and you find people who are smarter than you, and that's what makes you better. You've got to have a win-win philosophy, be generous and share with people. And you have to have a very, very supportive family, without which everything is not worth much," he said.

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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Dinesh C. Patel is quick to discount his individual contributions. "You know, with success, there has to be a lot of people involved in it," he says.

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