Nagpur Duo Builds ₹250 Cr Brand with Courage & Vision
In a world where entrepreneurship is often romanticized, few stories exemplify the power of courage, vision, and relentless effort better than that of Vivek Deshpande and Kirit Joshi, two fearless engineers from Nagpur. In 1994, they founded Space Wood with limited funds and a bold ambition to revolutionize the modular furniture industry. What ensued was a remarkable journey, marked by risk-taking, resilience, and innovation, that would eventually turn challenges into a ₹250 crore enterprise.
Growing up in Nagpur, Deshpande and Joshi shared a passion for engineering and a desire to make a mark in the world. After completing their engineering degrees, they worked for a few years before deciding to take the plunge and start their own venture. With a loan from a friend and a handful of rupees, they founded Space Wood, a company that would eventually become synonymous with innovative modular furniture.
The early days were tough, to say the least. Deshpande and Joshi faced numerous challenges, from finding the right materials to navigating the complexities of marketing and sales. They worked tirelessly, often for 18 hours a day, to keep their dream alive. Despite the odds, they refused to give up, driven by a shared vision of creating a brand that would stand out in the industry.
Their big break came when they developed a innovative modular furniture system that was both stylish and functional. This system, which allowed customers to customize their furniture to suit their needs, quickly gained popularity, and Space Wood began to make a name for itself in the market. The company’s fortunes continued to grow, and by the end of the 1990s, Space Wood had become a household name in India.
However, the duo’s success was not without its challenges. The furniture industry is notoriously competitive, and Space Wood faced stiff competition from established players. To stay ahead of the curve, Deshpande and Joshi continued to innovate, investing heavily in research and development to create new and exciting products.
Their efforts paid off, and Space Wood’s brand value continued to soar. Today, the company is a ₹250 crore enterprise, with a presence in over 100 cities across India. But Deshpande and Joshi’s journey is not just about the numbers; it’s about the courage and vision that has driven them to succeed.
In an interview with Ascendants, Deshpande and Joshi shared their secrets to success. “We never gave up, even when things seemed impossible,” said Deshpande. “We took risks, innovated, and focused on building a strong brand. And most importantly, we believed in ourselves and our vision.”
Joshi added, “Courage is key to any successful business venture. You need to be willing to take calculated risks and face challenges head-on. We’ve had our share of setbacks, but we’ve always bounced back, stronger and more determined than ever.”
Space Wood’s success is a testament to the power of entrepreneurship and the impact that two fearless engineers from Nagpur can have on the world. Their story is an inspiration to anyone who has ever dreamed of starting their own business, and a reminder that with courage, vision, and relentless effort, anything is possible.
Source: https://ascendants.in/business-stories/fearlessness-is-the-key-for-better-business-development/
