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People Vs Joseph Amico

Covered by NYDaily News. Las Vegas man accused of threatening a prominent attorney and making vile remarks.

Faced 10+ Years in Prison

People Vs. Anna Sorokin

Covered by New York Times, and other outlets. Fake heiress accused of conning the city’s wealthy, and has an HBO special being made about her.

Faced 3+ Years in Prison

People Vs. Genevieve Sabourin

Accused of stalking Alec Baldwin. The case garnered nationwide attention, with USAToday, NYPost, and other media outlets following it closely.

Faced Potential Charges

Ghislaine Maxwell Juror

Juror who prompted calls for new Ghislaine Maxwell trial turns to lawyer who defended Anna Sorokin.

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Meet Todd Spodek

WE PROVIDE WHITE GLOVE SERVICE TO CLIENTS
WHO WANT MORE FROM THEIR ATTORNEY

The Spodek Law Group understands how delicate high-profile cases can be, and has a strong track record of getting positive outcomes. Our lawyers service a clientele that is nationwide. With offices in both LA and NYC, and cases all across the country - Spodek Law Group is a top tier law firm.

Todd Spodek is a second generation attorney with immense experience. He has many years of experience handling 100’s of tough and hard to win trials. He’s been featured on major news outlets, such as New York Post, Newsweek, Fox 5 New York, South China Morning Post, Insider.com, and many others.

In 2022, Netflix released a series about one of Todd’s clients: Anna Delvey/Anna Sorokin.

Why Clients Choose Spodek Law Group

The reason is simple: clients want white glove service, and lawyers who can win. Every single client who works with the Spodek Law Group is aware that the attorney they hire could drastically change the outcome of their case. Hiring the Spodek Law Group means you’re taking your future seriously. Our lawyers handle cases nationwide, ranging from NYC to LA. Our philosophy is fair and simple: our nyc criminal lawyers only take on clients who we know will benefit from our services.

We’re selective about the clients we work with, and only take on cases we know align with our experience – and where we can make a difference. This is different from other law firms who are not invested in your success nor care about your outcome.

If you have a legal issue, call us for a consultation.
We are available 24/7, to help you with any – and all, challenges you face.

We Owe Our Success to Angel Investors: Case Study

We Owe Our Success to Angel Investors: A Startup’s Journey

The Struggle of Seeking Early Stage Capital

In the beginning, we bootstrapped Spark by maxing out credit cards and taking side jobs, but it was tough going. Though we had developed a strong proof of concept for Spark’s app and secured some initial users, we lacked the capital needed to accelerate growth. We began pitching Spark to the venture capital firms in our region.

The conversations were disheartening. The VCs saw promise but wanted to see more traction before considering an investment. They also expected us to have a longer track record as founders before trusting us with substantial capital. We were stuck – unable to gain major traction without funding but unable to secure funding without traction.

After months of rejections, we were running out of options. It was then that a mentor introduced us to the angel investor community. We only vaguely knew what angel investors were, but we were willing to explore any funding avenues available. It turned out to be a pivotal moment for Spark.

Discovering How Angel Investors Could Help

As we researched angel investors – wealthy individuals who provide startup capital for emerging companies – we realized they offered exactly what we needed:

  • Funding to Propel Growth – Angels focus on early stage companies, willing to take more risks than traditional VC firms. Their investments range from $10,000 to $250,000, aligning with our capital needs.
  • Industry Expertise – Many angels are successful entrepreneurs themselves. Beyond capital, they provide invaluable advice and connections.
  • Personal Investment Approach – Angels assess startups more holistically, considering the founders’ passion and vision. Unlike VC firms relying on rigid metrics thresholds, angels recognize great teams tackling difficult problems require patience.

Spark aligned perfectly with what angels seek in investment opportunities – early stage companies with energetic founders, innovative products, and large market potential. These individual investors offered both the capital and the mentorship we desperately needed at that developmental inflection point.

Pitching Our Vision to Angels

Armed with this new funding avenue knowledge, we began researching the angel groups and networks in our region. We identified a few that specialized in software startups and started attending their pitch events. These events provided opportunities for startups to present their business plan and product in front of groups of angels considering new investments.

We iterated on our pitch deck and demo to effectively convey:

  • Spark’s mission of making communication more seamless and intuitive
  • The key capabilities and technology behind our messaging app
  • Traction from initial beta users illustrating product-market fit
  • A detailed 5-year financial projection valuing Spark at $15 million
  • Our funding needs and proposed usage – $500k to expand our engineering team for accelerated product development

The pitch events were nerve-wracking but gave us great practice articulating our vision. We received constructive feedback on areas needing more clarification. Over several months pitching different angel groups, we started gaining traction. Several angels approached us afterward asking more questions and requesting follow-up meetings.

Securing Backing from Lead Angels

After a few months actively pitching and networking within the angel community, we secured soft commitments from three high-net-worth angel investors to back Spark with $150k each.

Bob Graham – As a former successful SaaS entrepreneur, Bob believed strongly in our team and offered invaluable product development advice.

Alice Wu – An early employee at a unicorn startup, Alice provided guidance on equity incentive structures to attract top talent.

Will Patterson – A veteran angel with multiple successful exits, Will helped us refine our growth strategy and messaging.

These three lead angels not only provided nearly all the $500k we sought to fuel the next stage of growth, but they introduced us to their wider angel networks for future fundraising. We finalized investment terms giving the angels convertible notes that would convert to equity at our next priced funding round. Their backing validated our progress and positioned Spark to attract more capital.

Accelerating Growth

With the angel funding secured, we aggressively expanded our engineering team, moving from two overworked founders to a squad of eight full-time talented developers. This new technical firepower allowed us to finally build out the full breadth of messaging features we envisioned.

We coupled the boosted development capacity with enhanced marketing fueled by the lead angels’ advice. We refocused messaging on the unique real-time translation functionality that set Spark apart from competitors. And we targeted university campuses, rapidly growing our user base among college students.

Within 10 months of securing the angel backing, Spark’s app amassed over 100,000 monthly active users – a 10x increase from when we first pitched our startup. We were acquiring users faster than ever and seeing amazing engagement metrics, with the average user sending 150 messages per week within Spark.

This hypergrowth attracted venture capital firms who previously brushed us aside. In our next funding round 18 months after the angel round, we raised $5 million from a top-tier VC firm in Boston to continue accelerating. None of this progress would have been possible without the stamp of credibility and mentorship from our lead angel investors.

Key Takeaways

Reflecting on our startup journey, angel investors played an absolutely instrumental role in enabling Spark’s success during the perilous early stages:

  • Funding Runway – The $500k angel round extended our runway from 3 months to over 2 years. This capital cushion was essential for meaningful product development and growth.
  • Expert Guidance – Our lead angels’ advice shaped important strategic decisions. Their networks opened doors to partners and future investors.
  • Credibility – Angel backing gave external validation that convinced VC firms to take a second look. This validation was crucial for future fundraising prospects.

We owe much gratitude to the angel community for believing in Spark’s potential and giving us the fuel to turn our vision into reality. For any other early-stage founders struggling to raise a first funding round, I cannot emphasize enough the value of pitching to angel groups. You might just find the perfect partners willing to put their wings behind your startup dreams taking flight!

Resources

Articles on Working with Angel Investors

Videos on Angel-Backed Startups

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Testimonials

I was searching for a law firm with some power to help me deal with a warrant in New York . After 6 days I decided to go with Spodek Law Group. It helped that This law firm is well respected by not only the top law firms in New York , but the DA , Judge as well. I...

~Fonder Brandon

5 Stars
It was my good fortune to retain Spodek Law Group for representation for my legal needs. From the beginning, communication was prompt and thorough. Todd, Kenneth and Alex were the first people I worked with and they all made me feel comfortable and confident that the team was going to work hard for me. Everything was explained and any concerns...

~A G

5 Stars
After meeting with several law firms, I chose the Spodek Law Group not only for their professionalism and experience, but for the personal attention given to me right from the initial consultation. It is important to recognize how crucial having the right legal team is when faced with potentially life altering events that impact families and the lives of loved...

~George Cherubini

Spodek Law Group

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We Provide Superior Service, Excellent Results, At A Level Superior To Other Criminal Defense Law Firms. Regardless Of Where Your Case Is, Nationwide, We Can Help You.
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