Nagpur Duo Builds ₹250 Cr Brand with Courage & Vision
In a world where entrepreneurship is often romanticized, it’s the fearless spirits who dare to take the road less traveled that truly make a mark. Vivek Deshpande and Kirit Joshi, two engineers from Nagpur, are perfect examples of this phenomenon. With a bold ambition, limited funds, and a willingness to take risks, they founded Space Wood in 1994, a modular furniture company that has grown into a ₹250 crore enterprise. Their journey is a testament to the power of courage, vision, and relentless effort in turning dreams into reality.
Growing up in Nagpur, Vivek and Kirit shared a passion for engineering and a desire to make a difference. While studying at the Government College of Engineering, Nagpur, they met and became close friends. Their conversations often revolved around entrepreneurship, innovation, and the need for change. After completing their studies, they decided to take the leap and start their own business.
“We had a clear vision – to create a brand that would make a difference in people’s lives,” says Vivek, recalling the early days of Space Wood. “We knew it wouldn’t be easy, but we were willing to take the risk.”
With a loan of ₹50,000 from friends and family, Vivek and Kirit set up Space Wood in a small office in Nagpur. The initial months were challenging, with the duo facing stiff competition from established players in the industry. However, they refused to give up, pouring their heart and soul into the business.
Their big break came when they developed a unique modular furniture system that could be easily assembled and disassembled. This innovation resonated with customers, who appreciated the flexibility and convenience it offered. Word-of-mouth publicity helped spread the word about Space Wood’s products, and soon the company started receiving orders from across the country.
As the business grew, so did the challenges. Competition intensified, and the duo had to navigate the complexities of scaling a business. However, they remained committed to their vision and continued to innovate, experimenting with new materials, designs, and manufacturing processes.
“Failure is an essential part of the entrepreneurial journey,” says Kirit. “We faced numerous setbacks, but we never lost faith in our vision. We kept pushing forward, and that’s what ultimately led to our success.”
In 2005, Space Wood expanded its operations to Mumbai, marking a significant milestone in the company’s history. The move allowed the duo to tap into a larger market, increase their production capacity, and diversify their product range. The success of this expansion paved the way for further growth, and Space Wood became a household name in the Indian modular furniture industry.
Today, Space Wood is a ₹250 crore enterprise with a presence in over 50 cities across the country. The company has evolved into a global brand, with a strong presence in the Middle East, Africa, and Southeast Asia. Vivek and Kirit’s courage, vision, and relentless effort have inspired a team of over 500 employees, who share their passion for innovation and customer satisfaction.
The journey of Space Wood is a testament to the power of entrepreneurship and the impact it can have on society. By turning their dreams into reality, Vivek and Kirit have created a brand that has not only generated significant wealth but also improved the lives of countless individuals.
“Fearlessness is the key to better business development,” says Vivek, reflecting on their journey. “We took risks, faced challenges head-on, and never gave up. That’s the secret to our success.”
As entrepreneurs, we often struggle to find the courage to take the leap and start our own business. The story of Vivek and Kirit serves as a reminder that even with humble beginnings, we can achieve greatness if we’re willing to take risks, innovate, and persevere.
Source:
https://ascendants.in/business-stories/fearlessness-is-the-key-for-better-business-development/
