SOURCE OF WEALTH: Sycamore Networks, Cascade Communications Corp
FUNDING AREAS: Education & Entrepreneurship
OVERVIEW: Desh and Jaishree Deshpande move their philanthropy through the Deshpande Foundation, which seeks to strengthen local ecosystems, build leaders and entrepreneurs, and catalyze innovative thinking to accelerate creation of sustainable, scalable enterprises that have significant social and economic impact.
BACKGROUND: Desh Deshpande holds a B. Tech. in electrical engineering from the Indian Institute of Technology – Madras, an M.E. from the University of New Brunswick in Canada, and a Ph.D. from Queens University in Canada. Deshpande is involved either as the founder, founding investor, or chairman of several companies including Cascade Communications, Sycamore Networks, Coral Networks, and Tejas Networks. He is the president and chairman of Sparta Group, a family investment office.
DESHPANDE FOUNDATION: The Deshpande Foundation’s mission is to “strengthen local ecosystems, build leaders and entrepreneurs, and catalyze innovative thinking to accelerate creation of sustainable, scalable enterprises that have significant social and economic impact.” To achieve this, Deshpande partners with universities and communities to build an “ecosystem that will create these innovative enterprises.”
In 2010, the foundation helped launch Entrepreneurship for All (EforAll), an accelerator which also hosts pitch contests and provides office space. EforAll has produced more than 430 jobs and reports some $10 million in alumni revenues. Desh Deshpande is a lifetime member of MIT Corporation, which receives support. The school is home to the Deshpande Center, which “supports a wide range of emerging technologies, including biotechnology, biomedical devices, information technology, new materials, tiny tech, and energy innovations.”
The University of New Brunswick houses the Pond-Deshpande Centre for Innovation and Entrepreneurship. There’s also the Deshpande Innovation Network (DeshINet), which encourages entrepreneurship through a network of universities, and the Dunin-Deshpande Queens Innovation Centre at Deshpande’s alma mater in Canada.
The Deshpande Foundation India – Hubli Sandbox works to create an “effective ecosystem where resources are put to use through entrepreneurship, innovation and sustainability.”
LOOKING FORWARD: Expect the family to remain focused on education and entrepreneurship.
