Nagpur Duo Builds ₹250 Cr Brand with Courage & Vision
In the city of Nagpur, a duo of fearless engineers, Vivek Deshpande and Kirit Joshi, dared to dream big. With limited funds and a bold ambition, they founded Space Wood in 1994. Over the years, they have turned challenges into opportunities, and their innovative approach to modular furniture has transformed their small start-up into a ₹250 crore enterprise. Their remarkable journey is a testament to the power of courage, vision, and relentless effort in turning dreams into reality, even with humble beginnings.
Growing up in Nagpur, Vivek and Kirit were fascinated by the world of engineering. They pursued their passion, completing their education in mechanical engineering, and began their careers in the industry. However, they soon realized that their true calling lay in entrepreneurship. They shared a vision to create something unique, something that would make a difference in people’s lives. With a combined experience of five years in the industry, they decided to take the plunge and start their own venture.
Space Wood was born in 1994, with a modest initial investment of ₹50,000. The duo started by designing and manufacturing modular furniture, which was a relatively new concept in India at the time. They faced numerous challenges, from finding the right materials to convincing customers to adopt this innovative approach. Despite the obstacles, they remained committed to their vision, pouring their hearts and souls into the business.
The early years were marked by long hours, hard work, and endless brainstorming sessions. Vivek and Kirit traveled extensively, studying the latest trends and technologies in modular furniture. They attended trade shows, seminars, and conferences, gathering insights and ideas that would help them refine their designs. Their dedication and perseverance paid off, as they started to receive orders from clients across the country.
One of the key factors behind Space Wood’s success was their ability to innovate and adapt. They introduced new designs, materials, and production techniques, which not only reduced costs but also increased the quality of their products. Their modular furniture solutions were designed to be flexible, allowing customers to customize their spaces according to their needs. This unique selling proposition helped Space Wood stand out in a crowded market, and their reputation began to spread.
However, success was not without its challenges. The duo faced stiff competition from established players in the industry, who were skeptical about the viability of modular furniture. They also had to contend with logistical hurdles, such as managing production, inventory, and supply chain. Vivek and Kirit tackled these challenges head-on, leveraging their engineering skills to develop efficient systems and processes.
As Space Wood grew, Vivek and Kirit continued to lead by example, inspiring their team to share their values of innovation, quality, and customer satisfaction. They fostered a culture of experimentation and risk-taking, encouraging employees to think outside the box and push the boundaries of what was possible. This approach not only helped the company stay ahead of the curve but also attracted top talent from across the industry.
Today, Space Wood is a household name in the Indian furniture industry, with a turnover of ₹250 crore. The company has expanded its operations to multiple locations, employing over 500 people. Vivek and Kirit’s journey is a testament to the power of courage, vision, and relentless effort in achieving greatness. Their story serves as an inspiration to entrepreneurs and engineers alike, demonstrating that even with humble beginnings, one can build a brand that makes a lasting impact.
In an interview with Ascendants, Vivek Deshpande emphasized the importance of fearlessness in business development. “We took risks, and that’s what gave us the edge. We were not afraid to innovate, to experiment, and to try new things. That’s what has helped us stay ahead of the competition and achieve our goals.”
Kirit Joshi added, “Our success is not just about us; it’s about the people who have supported us along the way. Our team is our greatest asset, and we are grateful for their hard work and dedication. We believe that when you have the right people, the right vision, and the right values, anything is possible.”
Conclusion
Vivek Deshpande and Kirit Joshi’s story is a shining example of what can be achieved through courage, vision, and relentless effort. From humble beginnings to a ₹250 crore enterprise, Space Wood’s journey is a testament to the power of innovation and risk-taking. As entrepreneurs, we can learn valuable lessons from their story, recognizing that even the smallest spark of creativity and determination can ignite a fire that changes the world.
Source:
https://ascendants.in/business-stories/fearlessness-is-the-key-for-better-business-development/
