Nagpur Duo Builds ₹250 Cr Brand with Courage & Vision
In the world of entrepreneurship, few stories are as inspiring as that of Vivek Deshpande and Kirit Joshi, two fearless engineers from Nagpur who dared to dream big. With limited funds and a bold ambition, they founded Space Wood in 1994, a modular furniture brand that would go on to become a ₹250 crore enterprise. Their incredible journey is a testament to the power of courage, vision, and relentless effort, proving that even with humble beginnings, dreams can become a reality.
The Duo’s Journey Begins
Vivek and Kirit, both engineering graduates, met while working at a manufacturing company in Nagpur. They shared a passion for innovation and a desire to do something of their own. The idea of starting a furniture business was born out of their frustration with the traditional furniture industry, which was slow to adopt new technologies and designs. They saw an opportunity to create a modular furniture system that was not only stylish but also functional and affordable.
With a modest investment of ₹5 lakh, the duo started Space Wood in a small rented office in Nagpur. They began by designing and manufacturing modular furniture for offices and homes, using a unique patented system that allowed customers to easily reconfigure the space to suit their needs.
The Early Days
The initial years were challenging, to say the least. Vivek and Kirit faced stiff competition from established players, and the market was skeptical about the new concept of modular furniture. They had to work tirelessly to convince customers of the benefits of their product, and it wasn’t easy. There were times when they had to rely on friends and family for financial support, and they even had to sell their personal assets to keep the business afloat.
However, the duo remained undeterred, fueled by their passion for innovation and their vision for a better future. They attended trade shows and exhibitions, networking with potential customers and partners, and continuously refined their product to meet the evolving needs of the market.
The Turning Point
In the late 1990s, Space Wood received a major breakthrough when they landed a large order from a leading IT company in Mumbai. This was a turning point for the company, as it not only brought in significant revenue but also helped establish their credibility in the market.
Since then, Space Wood has grown exponentially, with a presence in over 500 cities across India and a client list that includes some of the country’s top corporate houses. The company has also expanded its product range to include furniture for schools, hospitals, and other institutions.
The Secret to Success
So, what sets Space Wood apart from other companies? According to Vivek and Kirit, the key to their success lies in their fearlessness, resilience, and willingness to take calculated risks.
“Fearlessness is the key to better business development,” says Vivek Deshpande, CEO of Space Wood. “We never let fear hold us back from trying new things or taking risks. We believe that innovation is the only way to stay ahead in the game, and we’re always looking for ways to improve and adapt to changing market conditions.”
Kirit Joshi, Managing Director of Space Wood, adds, “We’ve also been fortunate to have a strong team of employees who share our vision and values. They’re the ones who have helped us build this brand, and we’re grateful for their hard work and dedication.”
The Future Ahead
As Space Wood celebrates its 25th anniversary, the duo is looking to the future with excitement and optimism. They plan to continue innovating and expanding their product range, as well as exploring new markets and opportunities both in India and abroad.
Their journey is a testament to the power of courage, vision, and relentless effort, and it serves as an inspiration to entrepreneurs and business leaders around the world. Vivek and Kirit’s story shows that even with humble beginnings, dreams can become a reality, and that with the right mindset and attitude, anything is possible.
In conclusion, the story of Space Wood is a shining example of what can be achieved through courage, vision, and innovation. As entrepreneurs, we can all learn from the duo’s journey and be inspired to take risks, push boundaries, and stay committed to our goals. With the right mindset and attitude, we too can turn our dreams into reality and build a brand that lasts.
Source: https://ascendants.in/business-stories/fearlessness-is-the-key-for-better-business-development/
