Nagpur Duo Builds ₹250 Cr Brand with Courage & Vision
In a city known for its rich history and cultural heritage, Nagpur has given birth to numerous entrepreneurs who have made a mark in the business world. One such duo, Vivek Deshpande and Kirit Joshi, has etched their name in the annals of Indian entrepreneurship with their courageous and visionary approach. They founded Space Wood in 1994 with limited funds and a bold ambition to revolutionize the modular furniture industry. Through their journey, they have turned challenges into opportunities, and their company has grown into a ₹250 crore enterprise.
Space Wood’s story began in the early 1990s when Deshpande and Joshi, both engineers by education, were working in the IT sector. They were dissatisfied with the lack of innovation and customization in the furniture industry, which was dominated by traditional manufacturers. They decided to take a risk and venture into the unknown, leveraging their engineering skills to create modular furniture that was not only stylish but also functional and affordable.
The duo started with a small office in Nagpur, investing their own savings to get the business off the ground. They worked tirelessly to develop their designs, sourced raw materials, and assembled the furniture by hand. Their initial products included modular tables, chairs, and shelves, which quickly gained popularity among local businesses and households.
However, the journey was not without its challenges. The duo faced stiff competition from established players, who were unwilling to adapt to the new concept of modular furniture. They also struggled to find investors willing to take a chance on their innovative idea. Despite these obstacles, Deshpande and Joshi remained committed to their vision, driven by their passion for innovation and customer satisfaction.
The turning point for Space Wood came when they decided to focus on the corporate sector. They identified the need for customized furniture solutions that could be easily assembled, disassembled, and rearranged to suit different organizational requirements. This led to the development of their flagship product, the “Smart Office” system, which comprised modular desks, meeting tables, and storage units.
The Smart Office system quickly gained traction among corporate clients, who appreciated the flexibility, sustainability, and cost-effectiveness it offered. Space Wood’s sales grew exponentially, and the company expanded its operations to cities across India. The duo’s innovative approach also attracted the attention of international clients, who were impressed by the company’s ability to customize furniture solutions to meet their specific needs.
Today, Space Wood is a ₹250 crore brand, with a presence in over 10 countries worldwide. The company has a diverse portfolio of products, including modular furniture for offices, homes, and educational institutions. Deshpande and Joshi’s courage and vision have inspired a team of over 500 employees, who are committed to delivering exceptional customer service and innovative products.
The success of Space Wood is a testament to the power of fearlessness in business. Deshpande and Joshi’s willingness to take risks, innovate, and adapt to changing market conditions has enabled them to build a brand that is synonymous with quality, durability, and style. Their story serves as a reminder that even with humble beginnings, courage, vision, and relentless effort can turn dreams into reality.
As Deshpande and Joshi’s journey demonstrates, fearlessness is essential for better business development. It allows entrepreneurs to take calculated risks, challenge the status quo, and innovate to stay ahead of the competition. In an era of rapidly changing business landscapes, fearlessness is the key to staying relevant, building a strong brand, and achieving success.
Source:
https://ascendants.in/business-stories/fearlessness-is-the-key-for-better-business-development/
