Nagpur Duo Builds ₹250 Cr Brand with Courage & Vision
In the world of business, it’s not uncommon to hear stories of entrepreneurs who started with big dreams and ended up achieving massive success. But what sets apart the truly remarkable stories is the journey itself – the obstacles faced, the risks taken, and the unwavering commitment to their vision. 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.
From its humble beginnings to becoming a ₹250 crore enterprise, Space Wood’s journey is a testament to the power of courage, vision, and relentless effort. In this blog post, we’ll delve into the story of these two entrepreneurs who dared to dream big and turn their vision into a reality.
The Early Days
Vivek Deshpande and Kirit Joshi met while pursuing their engineering degrees at the Visvesvaraya National Institute of Technology (VNIT) in Nagpur. Despite being from different disciplines, they shared a passion for innovation and a desire to make a mark in the business world. After graduating, they decided to take the plunge and start their own venture, Space Wood, with a modest capital of ₹5 lakh.
The early days were challenging, to say the least. The duo faced numerous rejections from potential investors, and their initial products, including a unique modular furniture design, failed to garner much traction. Undeterred, they continued to work tirelessly, refining their designs and exploring new markets.
The Turning Point
It wasn’t until they participated in a design competition organized by the Indian Institute of Technology (IIT) that Space Wood’s fortunes began to change. Their innovative modular furniture design caught the attention of a prominent entrepreneur, who saw potential in the product and offered to invest in the company. This was the turning point for Space Wood, as it enabled the duo to scale up their operations and expand their reach.
Scaling Up and Overcoming Challenges
With the newfound investment, Space Wood was able to expand its product line and enter new markets. However, this also brought new challenges. The duo faced stiff competition from established players in the industry, and they had to work hard to maintain their unique selling proposition. They also had to navigate the complexities of scaling up their operations, including managing a larger team and supply chain.
Despite these challenges, Vivek and Kirit remained committed to their vision and continued to innovate and adapt. They introduced new products, expanded into new markets, and invested heavily in research and development. Their persistence paid off, as Space Wood began to gain recognition and accolades, including being featured in leading business publications and winning prestigious awards.
The ₹250 Cr Milestone
Fast forward to today, and Space Wood has become a ₹250 crore enterprise, with a presence in over 20 countries and a diverse product range that includes modular furniture, office chairs, and other innovative solutions. The company has also expanded into new verticals, including hospitality and healthcare, and has established partnerships with leading brands and institutions.
The journey to achieving this milestone was not without its challenges, but Vivek and Kirit’s unwavering commitment to their vision and their courage to take risks have been the key to their success.
Lessons from the Journey
So, what can we learn from the story of Vivek Deshpande and Kirit Joshi? Here are a few key takeaways:
- Fearlessness is key: The duo’s willingness to take risks and face challenges head-on has been instrumental in their success. They didn’t let rejections or setbacks deter them from pursuing their vision.
- Vision is everything: Vivek and Kirit had a clear vision for Space Wood, and they remained committed to it, even in the face of adversity. Their vision guided their decisions and actions, and helped them stay focused on their goals.
- Innovation is essential: Space Wood’s success can be attributed to its innovative products and solutions. The duo’s willingness to experiment and try new things has enabled them to stay ahead of the competition and stay relevant in a rapidly changing market.
- Resilience is crucial: Scaling up a business is never easy, and Space Wood has faced its fair share of challenges. However, the duo’s ability to adapt and overcome these challenges has been critical to their success.
Conclusion
The story of Vivek Deshpande and Kirit Joshi is a testament to the power of courage, vision, and relentless effort. From humble beginnings to becoming a ₹250 crore enterprise, Space Wood’s journey is a reminder that even the most ambitious dreams can come true with the right mindset and a willingness to take risks. As entrepreneurs, we can learn a lot from their experiences and apply these lessons to our own businesses and lives.
Source:
https://ascendants.in/business-stories/fearlessness-is-the-key-for-better-business-development/
