Nagpur Duo Builds ₹250 Cr Brand with Courage & Vision
In a world where entrepreneurial success stories often seem to originate from metropolitan cities, it’s refreshing to come across tales of innovation and perseverance from smaller towns. One such story is that of Vivek Deshpande and Kirit Joshi, two fearless engineers from Nagpur who founded Space Wood in 1994 with limited funds and a bold ambition. Through risk-taking, resilience, and innovation in modular furniture, they turned challenges into a ₹250 crore enterprise. Their journey serves as a testament to the power of courage, vision, and relentless effort in turning dreams into reality, even with humble beginnings.
Growing up in Nagpur, Deshpande and Joshi were always fascinated by the world of engineering. They pursued their passion, completing their education in mechanical engineering from prominent institutions in the city. However, as they began their careers, they realized that the job market was highly competitive, and the opportunities were limited. This realization led them to think outside the box and explore alternative avenues.
The idea of starting their own business germinated in their minds, and after months of planning and discussion, they finally decided to take the plunge. With a loan of ₹1 lakh and a small team of four members, Space Wood was born in 1994. The initial years were marked by challenges, as the duo faced skepticism from family and friends, who doubted the feasibility of their venture.
“We were the only ones who believed in ourselves,” Deshpande reminisces. “We worked tirelessly, putting in long hours, and faced numerous setbacks. But we never gave up. We were driven by our passion and commitment to our vision.”
The early days of Space Wood were marked by experimentation and innovation. Deshpande and Joshi traveled extensively to understand the global furniture industry, studied market trends, and analyzed consumer behavior. They identified a gap in the market for modular furniture that was both stylish and functional. With this insight, they developed a range of products that catered to the growing demand for space-efficient and customizable living spaces.
The turning point came when Space Wood secured its first major contract from a prominent real estate developer in Nagpur. The deal not only provided a significant boost to the company’s revenue but also validated their innovative approach to furniture design. This success story began to spread, and soon, Space Wood was receiving orders from across the country.
In the early 2000s, Space Wood expanded its operations to new cities, including Mumbai and Delhi. The company’s innovative products and excellent customer service helped them establish a strong presence in the market. As the business grew, Deshpande and Joshi continued to invest in research and development, staying ahead of the competition with their cutting-edge designs and materials.
Today, Space Wood is a ₹250 crore enterprise with a strong presence in over 50 cities across India. The company has gained recognition for its commitment to quality, sustainability, and customer satisfaction. Deshpande and Joshi’s journey serves as a shining example of how fearlessness, resilience, and innovation can lead to entrepreneurial success, even in the face of adversity.
So, what sets Space Wood apart from other successful businesses? According to Deshpande, it is the courage to take risks and the willingness to adapt to changing circumstances. “We never shied away from taking calculated risks. We believed in our vision and were willing to put in the effort required to make it a reality.”
For Joshi, it is the importance of building strong relationships with customers and employees. “We have always maintained a customer-centric approach, listening to their feedback and incorporating their suggestions into our products. Our employees are our greatest assets, and we invest heavily in their training and development.”
As Space Wood continues to grow and expand, Deshpande and Joshi remain committed to their core values of innovation, quality, and customer satisfaction. Their story is a testament to the power of entrepreneurship and the impact it can have on individuals, communities, and the economy.
In an era where technology and innovation are transforming the business landscape, the success story of Space Wood serves as a reminder that courage, vision, and relentless effort can turn dreams into reality, even with humble beginnings. As entrepreneurs, we can learn valuable lessons from Deshpande and Joshi’s journey, and strive to build our own businesses with the same fearlessness and resilience.
Source: https://ascendants.in/business-stories/fearlessness-is-the-key-for-better-business-development/
