Nagpur Duo Builds ₹250 Cr Brand with Courage & Vision
In the world of entrepreneurship, success stories often begin with a bold vision, a dash of courage, and a willingness to take calculated risks. The journey of Vivek Deshpande and Kirit Joshi, co-founders of Space Wood, is a testament to this very principle. From humble beginnings with limited funds to building a ₹250 crore brand, their story is an inspiration to aspiring entrepreneurs and a reminder that fearlessness is the key to better business development.
The Early Days
In 1994, Deshpande and Joshi, two fearless engineers from Nagpur, decided to take the plunge and start their own venture, Space Wood. With a modest investment of ₹5 lakh, they set out to revolutionize the modular furniture industry in India. At that time, the market was dominated by traditional furniture makers, and the duo knew they had to be innovative to stand out.
“We sensed an opportunity to create furniture that was not only stylish but also flexible and easy to assemble,” Deshpande recalled in an interview. “We were convinced that modular furniture would be the future of the industry, and we were willing to take the risk to make it happen.”
The Challenges
The early days of Space Wood were marked by numerous challenges. The duo faced stiff competition from established players, and their limited budget made it difficult to invest in marketing and advertising. Moreover, the market was not prepared for modular furniture, and many customers were skeptical about the concept.
“We had to be extremely resourceful and creative to overcome these obstacles,” Joshi said. “We relied on word-of-mouth marketing, and our initial sales were largely driven by referrals from satisfied customers.”
Despite these challenges, Deshpande and Joshi remained committed to their vision. They spent countless hours researching and experimenting with new designs, materials, and manufacturing processes. Their determination and perseverance paid off, as Space Wood started to gain momentum.
The Turning Point
The turning point for Space Wood came in the late 1990s, when the company started to receive recognition for its innovative products. The duo’s modular furniture designs were featured in leading architecture and design magazines, and their products were showcased at international exhibitions.
“This exposure helped us to establish credibility in the market and attract more customers,” Deshpande explained. “It also gave us a platform to showcase our capabilities and differentiate ourselves from our competitors.”
Scaling Up
With their brand gaining traction, Deshpande and Joshi focused on scaling up their operations. They set up a state-of-the-art manufacturing facility in Nagpur, invested in new technology, and expanded their product range to cater to a wider customer base.
“We were able to scale up our operations without compromising on quality,” Joshi said. “Our focus on innovation and customer satisfaction helped us to maintain our edge in the market.”
The Journey So Far
Today, Space Wood is a ₹250 crore brand, with a presence in over 20 countries worldwide. The company has evolved into a leading player in the modular furniture industry, with a diverse range of products and services.
“We’ve come a long way since our humble beginnings,” Deshpande said. “Our journey has been marked by risks, challenges, and setbacks, but we’ve always remained committed to our vision and values.”
Lessons Learned
The story of Space Wood is a testament to the power of courage, vision, and relentless effort. Here are some key lessons that can be learned from their journey:
- Fearlessness is key: Deshpande and Joshi were willing to take calculated risks to pursue their vision, even when the odds were against them.
- Innovation is crucial: The duo’s focus on innovation and R&D helped them to stay ahead of the competition and create products that were unique and desirable.
- Customer satisfaction is paramount: Space Wood’s commitment to customer satisfaction has been a key factor in their success. The company has built a loyal customer base by delivering high-quality products and services.
- Perseverance is essential: Deshpande and Joshi faced numerous challenges along the way, but they never gave up. Their perseverance and determination helped them to overcome obstacles and achieve their goals.
Conclusion
The journey of Vivek Deshpande and Kirit Joshi is an inspiration to entrepreneurs and business leaders around the world. Their story shows that with courage, vision, and relentless effort, even the most ambitious goals can be achieved. As they continue to grow and expand their business, one thing is clear – Space Wood is here to stay, and its impact on the modular furniture industry will be felt for years to come.
Source:
https://ascendants.in/business-stories/fearlessness-is-the-key-for-better-business-development/
