Nagpur Duo Builds ₹250 Cr Brand with Courage & Vision
In a world where entrepreneurial spirit is often associated with metropolitan cities, the story of Vivek Deshpande and Kirit Joshi, two fearless engineers from Nagpur, is a beacon of hope and inspiration. In 1994, they founded Space Wood, a modular furniture brand that has grown to become 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 always fascinated by the world of engineering. They pursued their passion for design and innovation, completing their engineering degrees from the prestigious Visvesvaraya National Institute of Technology (VNIT). After working for a few years, they realized that their real calling lay in entrepreneurship. They shared a bold ambition – to create a brand that would revolutionize the furniture industry.
With limited funds and a small rented office, Vivek and Kirit started Space Wood in 1994. They had a clear vision – to design and manufacture modular furniture that was not only aesthetically pleasing but also functional and affordable. The duo worked tirelessly, often for 12 hours a day, to bring their innovative ideas to life.
The early days were marked by numerous challenges. The duo faced stiff competition from established players in the industry, and their small budget meant they had to rely on word-of-mouth marketing. However, they remained undeterred, driven by their passion for innovation and their commitment to delivering high-quality products.
In 1996, Space Wood launched its first modular furniture range, which quickly gained popularity among architects, interior designers, and end-users. The brand’s unique selling proposition (USP) lay in its ability to offer customized solutions that catered to the specific needs of each client. This focus on customization enabled Space Wood to differentiate itself from competitors and establish a strong foothold in the market.
As the brand grew, Vivek and Kirit continued to take calculated risks to expand their product range and geographical presence. They ventured into new markets, including corporate offices, hospitals, and educational institutions, and diversified their product offerings to include furniture for residential spaces.
One of the most significant turning points in Space Wood’s journey came in 2005 when the company received its first major order from a prestigious corporate client. This order not only boosted the brand’s credibility but also provided a significant influx of capital, enabling the duo to scale up their operations and invest in research and development.
Today, Space Wood is a ₹250 crore brand with a presence in over 10 cities across India. The company has a team of over 500 employees, and its products are widely acclaimed for their design, quality, and functionality. The brand has also received numerous awards and recognitions, including the prestigious “Best Modular Furniture Brand” award at the Indian Furniture Awards.
So, what sets Vivek and Kirit apart from other entrepreneurs? The answer lies in their unwavering commitment to their vision and their ability to take calculated risks. They remained fearless in the face of challenges, willing to experiment and innovate to stay ahead of the curve.
In an interview with Ascendants, Vivek Deshpande, Co-Founder, Space Wood, shared his philosophy on entrepreneurship. “Fearlessness is the key to better business development. You cannot be afraid to take risks and make mistakes. You must be willing to learn from your mistakes and use them as an opportunity to grow.”
Kirit Joshi, Co-Founder, Space Wood, echoed similar sentiments. “Our journey has not been easy, but we have never compromised on our values and vision. We have always believed that innovation and customer satisfaction are the keys to success, and we have continued to work towards these goals with unwavering dedication.”
Vivek and Kirit’s story is a testament to the power of courage, vision, and relentless effort. They prove that with determination and hard work, even the most humble beginnings can lead to remarkable success. As entrepreneurs, we can all learn from their journey, taking inspiration from their fearlessness and innovative spirit.
In conclusion, the story of Space Wood is a shining example of what can be achieved when courage, vision, and innovation come together. As we celebrate the brand’s remarkable journey, we are reminded that success is not solely the result of talent, resources, or luck – it is also the result of a steadfast commitment to one’s vision and a willingness to take calculated risks.
Source: https://ascendants.in/business-stories/fearlessness-is-the-key-for-better-business-development/
