Nagpur Duo Builds ₹250 Cr Brand with Courage & Vision
In the world of entrepreneurship, it’s not uncommon to hear stories of founders who have overcome numerous challenges to build successful businesses. But the story of Vivek Deshpande and Kirit Joshi, the co-founders of Space Wood, is one that stands out for its sheer determination, innovative spirit, and unwavering commitment to their vision.
From humble beginnings to a ₹250 crore brand, Space Wood’s journey is a testament to the power of courage, resilience, and innovation. In this blog post, we’ll delve into the story of these fearless engineers from Nagpur, who dared to dream big and turned their vision into a reality.
The Birth of Space Wood
In 1994, Vivek Deshpande and Kirit Joshi, both engineers by education and training, decided to venture into the furniture industry. With limited funds and a bold ambition, they founded Space Wood, a modular furniture company that aimed to revolutionize the way people lived and worked.
The duo’s vision was to create furniture that was not only functional but also aesthetically pleasing and sustainable. They were determined to challenge the status quo in the industry, which was dominated by traditional manufacturing methods and designs.
The Early Days
In the early days, Space Wood faced numerous challenges. The company had to contend with limited resources, stiff competition, and a lack of brand recognition. However, despite these obstacles, Vivek and Kirit remained committed to their vision and worked tirelessly to build the business from scratch.
Their big break came in 1996, when they secured a contract with a leading Indian corporation to supply modular furniture for their office spaces. This was a significant milestone for Space Wood, as it not only brought in much-needed revenue but also helped the company gain recognition in the industry.
Risk-Taking and Innovation
Space Wood’s success can be attributed to the duo’s willingness to take risks and innovate. They were not afraid to experiment with new designs, materials, and manufacturing techniques, which helped them stay ahead of the competition.
One of the company’s most innovative products was its modular furniture system, which allowed customers to customize their furniture according to their specific needs. This was a game-changer in the industry, as it enabled customers to create functional and stylish spaces that were tailored to their requirements.
The company’s commitment to innovation also led to the development of sustainable furniture solutions, such as eco-friendly materials and recyclable designs. This not only helped Space Wood reduce its environmental footprint but also appealed to customers who were increasingly concerned about the environmental impact of their purchasing decisions.
Scaling Up
As Space Wood’s reputation grew, so did its operations. The company expanded its manufacturing facilities, hired more staff, and diversified its product range. By the early 2000s, Space Wood had become a major player in the Indian furniture industry, with a presence in over 20 cities across the country.
The company’s success also attracted the attention of international clients, who were impressed by its innovative products and commitment to sustainability. This led to a significant increase in exports, which further boosted the company’s growth and revenue.
Challenges and Overcoming Them
Despite its remarkable success, Space Wood did not escape the challenges that come with scaling up a business. The company faced stiff competition, rising raw material costs, and the need to adapt to changing market trends.
However, Vivek and Kirit were not ones to shy away from challenges. They continued to innovate, diversify their product range, and invest in research and development to stay ahead of the competition.
In 2018, Space Wood faced a major setback when one of its manufacturing facilities was affected by a major fire. The company lost a significant amount of inventory and had to shut down operations for several months.
However, rather than giving up, the duo saw this as an opportunity to rebuild and improve. They invested in new technology, enhanced their manufacturing processes, and expanded their product range. The company emerged stronger and more resilient than ever, with a brand value of ₹250 crore.
Lessons Learned
Vivek and Kirit’s journey is a testament to the power of courage, resilience, and innovation. Their story teaches us that even with humble beginnings, we can achieve remarkable success if we are willing to take risks, adapt to challenges, and stay committed to our vision.
Here are some key takeaways from their story:
- Fearlessness is key: Vivek and Kirit did not let their limited resources or lack of experience hold them back. They were fearless in their pursuit of their vision, and this courage paid off in the long run.
- Innovation is essential: The duo’s willingness to experiment with new designs, materials, and manufacturing techniques helped them stay ahead of the competition and build a loyal customer base.
- Sustainability is important: Space Wood’s commitment to sustainability not only reduced its environmental footprint but also appealed to customers who were increasingly concerned about the environmental impact of their purchasing decisions.
- Resilience is crucial: The company faced numerous challenges, including the major fire that affected one of its manufacturing facilities. However, Vivek and Kirit did not give up. They adapted to the challenges and emerged stronger and more resilient than ever.
Conclusion
Vivek Deshpande and Kirit Joshi’s story is an inspiration to entrepreneurs and business leaders around the world. Their journey from humble beginnings to a ₹250 crore brand is a testament to the power of courage, resilience, and innovation.
As we reflect on their story, we are reminded that even with limited resources and a bold ambition, we can achieve remarkable success if we are willing to take risks, adapt to challenges, and stay committed to our vision.
Source: https://ascendants.in/business-stories/fearlessness-is-the-key-for-better-business-development/
