New Ventures Video Series
In this video, Jake Denham explains how compensation works in a typical venture capital fund by looking at three key players: the manager, the limited partners (LPs), and the general partner (GP). He discusses how the manager, usually the management company, earns an annual management fee to operate the fund and pay the team. He also covers how LPs, the investors who provide the capital, are paid back first and then share in any profits. Finally, we explain how GPs, who make the investment decisions, are typically compensated through carried interest, meaning they only earn a share of the profits after the LPs receive their capital back. Understanding this structure helps explain how incentives are aligned within a venture fund and why getting the structure right is critical when launching a fund.
SBIC Program Rule Changes Usher in Modernization, Alignment, and a Faster Path to Licensing
On February 2, 2026, the U.S. Small Business Administration (SBA) finalized rules revising regulations for the Small Business Investment Company (SBIC) program. The amendments are best understood as a targeted modernization and clean-up of obsolete programs and provisions. As part of these updates, the SBA eliminated provisions tied to legacy SBIC structures, clarified how certain investments fit within the program’s eligibility framework, and streamlined aspects of the licensing process while maintaining SBA’s supervisory and diligence standards. Read more.
Founders Forum Event: The Midwest Advantage
Join us on April 22 in Columbus for the next installment of our Founders Forum series as we explore why the Midwest is becoming an increasingly powerful place to build and scale a startup. While the coasts have long dominated the startup narrative, founders across the Midwest are proving that world-class companies can be built with strong ecosystems, collaborative networks, access to capital, and a lower cost of growth. In this discussion, our panel will examine the strategic advantages of launching and scaling companies in the Midwest—from investor access and talent pipelines to capital efficiency and community support. The conversation will feature perspectives from across the startup ecosystem, including Colin McGinnis with the Ohio Innovation Fund and Ben Wallace at QStart Labs. Together, they will share insights on how founders can leverage the unique strengths of the Midwest to build capital-efficient companies, attract the right partners, and compete on a national stage. Whether you're an early-stage founder, investor, or ecosystem supporter, this conversation will highlight why the Midwest advantage is becoming harder to ignore. To register, click here.
Thompson Hine Sponsors Lay of the Land’s 250th Episode Celebration
We’re excited to support a major milestone for the Northeast Ohio startup community. On April 30, Thompson Hine will serve as a program sponsor as Lay of the Land celebrates its 250th episode with a special community event at the Allen Theatre at Playhouse Square in Cleveland, starting at 5:00 p.m. What began in 2020 as a series of conversations has grown into a vibrant, entrepreneur-led platform that highlights the people, companies, and ideas shaping the region’s startup ecosystem. This event will bring together founders, investors, and ecosystem leaders for an evening of connection and celebration of Northeast Ohio’s entrepreneurial story. To register to attend, click here.
Thompson Hine Sponsors Zane Venture Fund Health Innovation Roundtable in Atlanta
Thompson Hine is proud to serve as the Presenting Partner for the Zane Venture Fund's 2026 "Alpha in the Gap" Roadshow, hosting the second stop of the multi-city series in Atlanta next month. The event, titled Wealth Preservation & Health Innovation: The Southeast Advantage, is an exclusive, private roundtable bringing together family offices, high-net-worth investors, and institutional capital allocators for a morning of candid, peer-to-peer dialogue on the future of health innovation investing. The roundtable will feature expert-led discussions on opportunities in prevention, women's health, and longevity infrastructure, highlighting the Southeast's growing prominence as a hub for health innovation and generational wealth transfer.
Coffee Chat: Fund Formation Deep Dive: Venture, Hedge, Private Credit, and Digital Asset Funds
You are invited to attend our upcoming virtual Coffee Chat on April 22 focusing on Private Fund Formation. This session will explore the key legal and structural considerations involved in launching private investment funds across strategies such as venture capital, hedge funds, private credit, and digital assets. The discussion will compare common fund structures, including master-feeder and parallel fund arrangements, as well as U.S. and offshore vehicles. Panelists will also review the regulatory exemptions that allow private funds to operate without full registration and address important issues such as investor eligibility, transfer restrictions, and accommodating special investor terms. Click here to register.
Partnership with the Cox Cleantech Accelerator to Strengthen Legal Readiness for Startups
Thompson Hine recently launched a partnership with the Cox Cleantech Accelerator, a 12-week program developed by Cox Enterprises, gener8tor, and the Georgia Cleantech Innovation Hub to support early-stage climate and sustainability companies. Each cohort of approximately five startups receives $100,000, targeted mentorship, and introductions to customers and capital partners, with a strong focus on commercialization and go-to-market execution. As part of the collaboration, Thompson Hine’s New Ventures team will deliver a five-part legal and strategy series addressing non-dilutive funding, SAFEs and convertible notes, entity selection and governance, IP and regulatory considerations, talent strategy, and key commercial contracts — equipping founders with a stronger legal foundation for scale. We look forward to continuing our partnership, including our next session on April 23, which will focus on Foundational Governance and Corporate Structure. To register, click here.
Columbus Startup Week
Thompson Hine is proud to sponsor Columbus Startup Week, taking place this May and bringing together founders, investors, and ecosystem leaders from across the region for a week of programming focused on innovation and company building. As part of our involvement, Lindsay Karas Stencel will host a workshop on tackling term sheets, providing founders with practical guidance on key economic and control terms, negotiation dynamics and common pitfalls in venture financings. The session is designed to help entrepreneurs approach investor discussions with greater clarity and confidence. We are pleased to support Columbus Startup Week and to continue investing in the strength and growth of the Columbus startup ecosystem.
Data Insights: Startup Funding Cycles Begin to Normalize
New data from Carta, analyzing nearly 10,000 U.S. startup funding rounds, shows a positive shift in venture markets: the time between funding rounds is beginning to decline after several years of steady increases. During the market slowdown that followed 2021—driven largely by rising interest rates and a broader venture capital pullback—startups were taking significantly longer to raise follow-on capital. In late 2025, for example, the median time between Seed and Series A rounds reached approximately 1.9 years, exceeding the traditional venture benchmark of 18–24 months between rounds. Recent data suggests those timelines are now moving back toward historical norms. While the surge of investment into AI companies initially concentrated capital among fewer startups, funding cycles are beginning to normalize again. This shift is welcome news for newer companies, which may find it easier to plan burn rates and fundraising timelines. However, it may create challenges for startups that have been stalled between rounds as investors increasingly focus on a new wave of AI-native companies.
QuickLaunch: Experienced Guidance for Startups and Investors
Our QuickLaunch program is tailored to entrepreneurs, startups and investors, providing guidance on growth and funding cycles and offering cost-effective counsel on day-to-day legal matters from formation to funding to exits. Our seasoned team helps navigate the confusing waters of growth, funding, expansion and those tricky legal issues that can arise, often at fixed or budgeted pricing by using our firmwide proprietary SmartPaTH™ tool. To learn more about our tailored, value-enhancing solutions, please visit our site.