Nagpur duo builds ₹250 cr brand with courage & vision
In the city of oranges, Vivek Deshpande and Kirit Joshi, two fearless engineers from Nagpur, have etched their name in the annals of entrepreneurship with their remarkable journey. The duo founded Space Wood in 1994 with limited funds and a bold ambition to revolutionize the modular furniture industry. Through risk-taking, resilience, and innovation, they transformed challenges into a ₹250 crore enterprise. Their inspiring story 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 Nagpur University. Post-graduation, they worked with various companies, gaining valuable experience and insights into the industry. However, they soon realized that their creative potential was being stifled by the monotony of their jobs. This realization sparked a desire to venture out on their own and create something innovative.
In 1994, Deshpande and Joshi founded Space Wood, a modular furniture company, with a modest investment of ₹5 lakhs. Their vision was to create high-quality, cost-effective, and space-efficient furniture that would cater to the growing demand for modern living spaces. The duo’s bold move into the market was met with skepticism, as many stakeholders doubted their ability to succeed in a competitive industry.
Undeterred by the naysayers, Deshpande and Joshi threw themselves into their work, pouring their heart and soul into the company. They spent countless hours researching, designing, and experimenting to develop innovative products that would stand out in the market. Their tireless efforts paid off, as Space Wood’s unique modular furniture designs gained popularity among customers.
The turning point came when Space Wood received a large order from a prominent hospitality chain. This breakthrough deal not only boosted the company’s revenue but also provided a much-needed validation of their innovative approach. The duo’s hard work and perseverance had finally started to pay off.
As Space Wood grew, Deshpande and Joshi continued to push the boundaries of innovation. They invested heavily in research and development, exploring new materials, technologies, and manufacturing processes. Their commitment to quality and customer satisfaction earned them a loyal customer base, which further fueled their growth.
The journey was not without its challenges. Space Wood faced stiff competition from established players, and the duo had to navigate the complexities of the market, managing cash flow, and scaling up production. There were times when they had to make difficult decisions, such as laying off employees or cutting costs. However, their resilience and adaptability allowed them to overcome each hurdle, emerging stronger and more focused.
Today, Space Wood is a ₹250 crore brand, with a presence in over 50 cities across India. The company has created a niche for itself in the modular furniture market, offering a wide range of products that cater to diverse customer needs. Deshpande and Joshi’s vision has not only created a successful business but has also empowered thousands of employees, suppliers, and customers.
The story of Space Wood serves as a shining example of the importance of courage, vision, and relentless effort in achieving success. Deshpande and Joshi’s journey is a testament to the fact that even with humble beginnings, one can build a ₹250 crore brand by taking calculated risks, staying innovative, and focusing on quality and customer satisfaction.
As entrepreneurs, we often face daunting challenges, and it’s easy to get discouraged by setbacks and failures. However, the story of Space Wood reminds us that fearlessness is the key to better business development. By embracing uncertainty, being open to new ideas, and persevering through adversity, we can turn our dreams into reality.
Source: https://ascendants.in/business-stories/fearlessness-is-the-key-for-better-business-development/
