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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 11 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.

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Understanding Valuation &amp; Stock-Based Compensation for Early-Stage Companies

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On April 29, Thompson Hine partnered with CincyTech, EY, and Valuation Research Corporation to bring together founders, operators, and finance leaders for a candid in-person conversation on the financial topics that matter most to early-stage companies. The event was held at Rhinegeist Brewery and featured a panel discussion covering business valuation and equity compensation, two areas where clarity can make a real difference as startups grow and prepare to raise capital.&nbsp;

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Accuracy in valuation matters — particularly when it comes to stock-based compensation. Getting it right from the start sets a healthier foundation for your team and your cap table.

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Overvaluing your business or experiencing a downturn due to market shifts can leave team members with underwater stock — a real risk to morale and retention. The good news is: it's fixable, but it requires active monitoring.

Revisiting your stock compensation and pricing regularly is critical, especially as you approach an IPO or exit. You need to ensure your equity strategy is still delivering on the goals your company set out to achieve.

Don't value your stock on gut feeling alone. Work with a qualified professional to ensure your valuation is done correctly, defensible, and properly approved.

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In Case You Missed It - Coffee Chat: Private Fund Formation Deep Dive

Thank you to everyone who joined our recent virtual Coffee Chat on private fund formation. If you were unable to attend or would like to revisit the discussion, you can access the recording <a href="https://www.thompsonhine.com/insights/investment-management-coffee-chat-series-2026-private-fund-formation-deep-dive/">here</a>. During the program, our presenters discussed key considerations in structuring private investment funds across a range of strategies, including startup investing, trading strategies, lending, and digital assets. The discussion explored common fund structures such as master-feeder arrangements, parallel funds for different investor types, the use of U.S. and offshore vehicles, and the primary legal exemptions relied upon by private funds. Additional topics included tokenized fund interests, transfer restrictions, special economic arrangements for investors, manager compensation structures, selecting fund service providers, and practical considerations for marketing and capital raising. The session also addressed valuation and redemption mechanics, as well as the issues sophisticated investors are prioritizing in diligence processes in 2026.

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Thompson Hine Sponsors JumpStart Trailblazer Accelerator — HealthTech Cohort

Supporting the next generation of health technology innovators, Thompson Hine is proud to sponsor the JumpStart Trailblazer Accelerator, an intensive program designed to help early-stage software startups build the foundation needed to scale, attract venture capital, and make a lasting impact. This cohort's focus on health tech aligns closely with our commitment to advancing innovation in one of today's most critical industries. <a href="https://www.thompsonhine.com/professionals/sean-ganley/">Sean Ganley</a> and <a href="https://www.thompsonhine.com/professionals/daniel-m-criswell/">Daniel Criswell</a> attended on behalf of Thompson Hine, engaging directly with cohort participants and program leadership to offer guidance and explore opportunities to support health tech founders throughout their growth journey.

Thompson Hine was pleased to sponsor the Happy Hour at the Project Medtech Midwest Showcase in Detroit, a fantastic gathering of medtech innovators, founders, and industry leaders from across the Midwest. It was a great opportunity to connect with the talented individuals driving health care innovation forward, and we were glad to play a small part in bringing the community together for an evening of meaningful conversation. A special thank you to <a href="https://www.thompsonhine.com/professionals/aisling-susan-olaoire/">Aisling O'Laoire</a> for representing the firm and engaging with so many inspiring people throughout the event. We look forward to continuing to support the medtech ecosystem and the entrepreneurs shaping the future of health care.

Thompson Hine Sponsors Lay of the Land’s 250th Episode Celebration

Thompson Hine was proud to sponsor the Lay of The Land’s Podcast 250th Episode Celebration event in Cleveland, an evening that brought the city's entrepreneurial spirit to life. Held at the historic Allen Theater at Playhouse Square, the event gathered a remarkable group of founders, CEOs, investors, and community leaders for insightful discussions and meaningful connections that will help shape Cleveland's future. This was an unforgettable evening where founders met investors, ideas became actionable, and Cleveland's startup scene took another bold step forward. A huge thank you to <a href="https://www.thompsonhine.com/professionals/daniel-m-criswell/">Daniel Criswell</a> for leading Thompson Hine's involvement in this event and helping deepen our connection to the Cleveland startup community. Cleveland's entrepreneurial spirit is truly unstoppable.

Columbus Startup Week — Tackling Term Sheets

Earlier this month, Thompson Hine was proud to sponsor Columbus Startup Week Ohio, and we didn't just show up—we brought the content. Our own <a href="https://www.thompsonhine.com/professionals/lindsay-karas-stencel/">Lindsay Karas Stencel</a> took the stage to deliver her talk, “Tackling Term Sheets,” to a packed and engaged room of founders and operators eager to sharpen their fundraising fundamentals. Thanks to SparkWorks Innovation for pulling this all together! We’re all already looking forward to next year’s event. What founders learned:

Money, power, and respect — getting these three dynamics right is the key to closing a deal. Lindsay framed the entire term sheet negotiation process around these pillars.

Economic terms (money) — valuation, option pool sizing, and multiples on payout. Know your numbers and know what you're agreeing to.

Control terms (power) — voting rights and board construction are where real leverage lives. Founders need to understand what they're giving up before they sign.

Negotiating with respect — knowing when you're negotiating for sport versus negotiating for outcome is a skill. Don't let ego cost you the deal.

Thompson Hine Sponsors 3rd Annual Healthy Human Economy® Innovation Exchange during Atlanta Tech Week

As part of Atlanta Tech Week, the Healthy Human Economy Innovation Exchange on August 10, 2026, will convene a curated group of health innovation investors, founders, and health system executives for a focused discussion on the complexities of health care procurement. <a href="https://www.thompsonhine.com/professionals/lindsay-karas-stencel/">Lindsay Karas Stencel</a> will speak on the featured panel, “Procurement Unlocked,” which will examine how health tech companies can effectively sell into hospital systems and health plans, highlighting where deals most often stall and what both founders and buyers need to understand from legal, regulatory, and operational perspectives. The session will take a practical, practitioner-led approach to key issues such as compliance hurdles, contracting dynamics, and structuring considerations that can make or break a transaction. The program will also provide a meaningful opportunity to engage with key stakeholders across the health care innovation ecosystem, offering valuable insights for those navigating fund formation, deal structuring, and growth within the health tech sector.

What Does Your Valuation Actually Look Like Right Now?

If you're a founder raising $3M–$5M, the data suggests your valuation lands around $21M regardless of where in the country you're based. Most valuation benchmarks slice the data by stage — Seed, Series A, and so on, but when you cut by cash raised instead, a more nuanced picture emerges. Here are three takeaways worth keeping on your radar. Key insights:

Valuations are remarkably consistent across regions. The West (and especially the Bay Area) skews slightly higher, but the spread is narrower than most founders expect. Wherever you're building, the market is more stable and more accessible than the coastal hype suggests.

Deal counts vary far more than valuations do. The volume of activity differs widely by region, but pricing hasn't diverged nearly as much. This is a meaningful signal for founders choosing where to raise and where to build relationships.

There are no perfect numbers. There's always a range. Benchmarks are a reference point, not a ceiling or a floor — and your specific traction, team, and market will move the needle more than geography alone.

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 Plus™ tool. To learn more about our tailored, value-enhancing solutions, please visit our <a href="https://www.thquicklaunch.com/">site</a>.

For more information, please contact a member of our <a href="https://www.thquicklaunch.com/team/">QuickLaunch</a>&nbsp;team

New Ventures Update – May 2026