Known as the “Godfather of Utah's medical technology industry,'' Dinesh Patel has played a prominent role in the state's political and cultural life for more than 30 years.
A recently released documentary sheds light on the remarkable career of Dinesh C. Patel, an Indian-American entrepreneur and venture capitalist based in Salt Lake City, Utah. Produced by the Indian-American streaming startup's platform, Desimax, the film delves into his trajectory as an entrepreneur and philanthropist.
This is the fifth documentary in the American Journey series, which brings the stories of notable Indian American immigrants to a wide audience and highlights their accomplishments and contributions in various fields.
DesiMax, the upcoming streaming platform, is expected to launch later this year.
A documentary about Patel featuring several prominent Utah figures, including former governor and presidential candidate Jon Huntsman, can be viewed here.
Patel was born in 1950 in Broken Hills (now known as Kabwe) in the former British colony of Zambia, located in South Central Africa. He was one of four children of Chotubhai Patel and his wife Sabitaben, who migrated to Northern Rhodesia from the western Indian state of Gujarat in the 1940s.
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Mr. Patel arrived in the United States in 1973 after earning a bachelor's degree in Gujarat's capital Ahmedabad. He received his master's degree from the Philadelphia College of Pharmacy and his Ph.D. He graduated from the University of Michigan School of Pharmacy.
Mr. Patel arrived in Salt Lake City in the mid-1980s to begin his entrepreneurial journey after working for two major pharmaceutical companies.
He founded Theratech, a drug delivery company, at the University of Utah with two co-founders. Kelvin Cullimore, president and CEO of BIOUtah, a trade association for the biotech industry, said Utah and the mountain region weren't on the biotech industry map at the time.
Read: Dinesh C. Patel receives Utah Governor's Medal (October 28, 2020)
“In the '80s, the biotech industry had a few big centers in places like Boston and the Bay Area and Southern California, but outside of that there weren't many true centers of biotech,” Cullimore says. . “So coming to Utah was a really big leap of faith.” [on the part of Patel]. When he came, there was no other pharmaceutical or therapeutic industry here yet. ”
Within seven years, Ceratec went public, giving Patel the honor of being one of the first Indian-Americans to take a company public.
In the late 1990s, Patel left Ceratec to start a venture fund and founded V-Spring Capital in 1999. Fifteen years later, the Patel family founded an angel investment firm called Investments. Currently, the company has over 25 early stage companies and 12 privately held companies. Equity and VC funds.
Utah's political and business leaders say the support Indian American investors provide to entrepreneurs and startups in biotechnology and medical technology through investment and mentorship has made Utah a prominent hub for these industries. He said that he played an extremely important role in establishing the company as a -Mountainous areas.
“Dinesh is [Utah’s] said Huntsman, a former Utah governor who also served as U.S. ambassador to Russia, China and Singapore. “I would argue that without the support of Mr. Dinesh Patel, we would not be where we are today as one of the leading business states in the country. His leadership, vision and proactive attitude have been instrumental. Ta.”
Read: Utah Governor Spencer Cox celebrates Diwali at Governor's Mansion (November 3, 2022)
“At Utah State, we call him the godfather of medtech because he was so involved from the beginning.” [companies]It's a dedication of time, energy, and sometimes money,” said Tony Watson, chief operating officer of Salt Lake City-based medical technology company Xenocore. “He has a long list of names to his name, and there aren't many promises in the medical technology field that he hasn't been involved with here in Salt Lake City.”
Amy Reese Anderson, a prominent Utah entrepreneur and founder of MediConnect Global, a healthcare technology company that sold for more than $375 million in 2012, said, “Dinesh “I think he really recognizes the talent of entrepreneurs and is excited about that talent.” V-Spring was an investor in the company and Patel was a member of its board of directors.
The Indian-American businessman is also a well-known philanthropist in Utah. He and his wife Kalpana have donated millions of dollars to numerous charities. They have supported more than 25 of his educational communities and religious organizations in Utah and beyond.
Read: Indian-American entrepreneur Dinesh Patel named chairman of Salt Lake City Museum Leonardo (August 11, 2014)
The organizations they supported include Patel's alma maters, the University of Michigan and the University of Utah, as well as Salt Lake City cultural institutions such as the Utah Symphony Orchestra and the Leonardo Museum of Science, Technology and the Museum of Fine Arts.
He played a pivotal role in the construction of the $130 million James L. Sorenson Molecular Biotechnology Building at the University of Utah, home to one of the nation's premier innovation hubs. This research was funded through the Utah Science and Technology Research Initiative (USTAR).
“He was one of the first people to envision the concept of USTAR, chaired the USTAR authority, and was a great early leader,” says Rich Brown, dean of engineering at the University of Utah.
Patel was instrumental in the construction of two temples in the Salt Lake City area and the establishment of an Indian cultural center at one of those temples, the Sri Ganesha Hindu Temple in South Jordan, Utah.
Another major charity work that Patel is involved in along with his two brothers, Dr. Kiran Patel and Dr. Pradeep Patel, is supporting hospitals and communities in Mota Fofaria, Gujarat, the birthplace of their father Chotubhai Patel. It is the center.
Read: Utah entrepreneur Dr. Dinesh Patel and wife Kalpana donate $1 million to University of Michigan (January 14, 2014)
The documentary also focuses on the political influence of Dinesh Patel, who has worked with the past four Utah governors primarily on economic development issues for the state.
“If you want to make a difference, if you want your voice to be heard, you have to be part of the system,” Patel says.
“Fortunately, Dinesh has very strong political connections, and we've shamelessly exploited those connections,” says BIO Utah's Cullimore. When you have the kind of connections that he has, he's able to reach … the people who are making the decisions and the people who are willing to listen because of the dignity that he brings to the meeting. . ”
Indian Americans in Utah say they also benefit from Patel's connections.
“He has allowed us to develop very close relationships with the state's political leaders,” says Sneha Kumar Kasela, associate dean for academic affairs in the University of Utah's College of Engineering. “He's on a lot of decision-making bodies. He's taught us about the community. He partners with them in a lot of things at the state level.”
Huntsman, however, says politics needs him even more than Patel. “Yes, it's great to have political connections, but I think we've benefited more from Mr. Dinesh on the political side than he has gotten from the political side,” the former governor says. . “We are asking him for help. You know that's where the humility comes in. Dinesh doesn't need political support, he doesn't need political friends. They want his I'm just going to get them because I want knowledge and expertise.'' I want him to sit at the table and advise me on how to proceed.'' ”
