... you could try removing the whitespace and checking the length.
Something like the below should be a good start.
If (columnindex = 0) Then
Dim cellString = DataGridView1.Rows(rowindex).Cells(columnindex).value
If cellString Is Nothing OrElse IsDBNull(cellString) OrElse cellString.ToString = String.Empty OrElse cellString.Trim().Length=0 Then
MessageBox.Show("Cannot Be Empty")
DataGridView1.Rows(rowindex).Cells(columnindex).value = "Default Value"
Exit Sub
End If