As we approach the close of another year filled with bold ideas, big bets, and meaningful progress, we want to express our deep gratitude to the founders, startups, and investors who make this community extraordinary. Your creativity, resilience, and relentless drive to build what’s next inspire us every day.
Thank you for trusting us to be part of your journey—whether you’re launching something new, scaling fast, investing in the future, or strengthening the ecosystem that supports innovation. We’re grateful for your partnership, your energy, and your willingness to take risks that propel industries forward.
Wishing you and your families a wonderful Thanksgiving season filled with rest, connection, and renewed inspiration for the year ahead.
New Ventures Video Series
In the first episode of our Preferred Stock Series, Thompson Hine New Ventures associate Danny Burns breaks down the startup term sheet—the nonbinding blueprint that drives venture deals. The episode explores the difference between investor-led and company-led rounds and what “market standard” really means. We cover the key terms that matter most—valuation, liquidation preferences, board composition, protective provisions, founder vesting, information rights, antidilution protections, and exclusivity—and discuss which boilerplate provisions can often be deprioritized. Watch to learn how to navigate a cleaner, faster, and more effective financing process. Watch here.
Thompson Hine Awarded “Best Law Firms” Rankings – Venture Capital Law
Thompson Hine LLP is pleased to announce that it has again achieved its top-tier placement in the Best Lawyers® “Best Law Firms” rankings, earning national and regional recognition in the 2026 edition. Firms on the “Best Law Firms” list are recognized for professional excellence with consistently impressive ratings from clients and peers. Achieving a tiered ranking reflects a unique combination of high-quality legal work and breadth of expertise. Thompson Hine received 172 total rankings, including a tier-two national ranking and tier-one Cleveland regional ranking in Venture Capital Law. “Best Law Firms,” is compiled by surveying thousands of law firm clients and lawyers. Firms are then ranked for their expertise, responsiveness, understanding of business needs, cost-effectiveness, civility, integrity and likelihood of referral.
Thompson Hine at Launch NY’s Annual LP Meeting
This month, we joined Launch NY in Buffalo for its Annual LP Meeting, where we presented on national venture capital trends, how the Upstate New York ecosystem compares to the broader market, and the growing influence of AI on investment decisions and the venture landscape. It was a valuable opportunity to reconnect with founders and investors and to celebrate another successful year for Launch NY. Congratulations to Marnie LaVigne and team—we’re excited to see what 2026 brings for this dynamic community.
NYSTAR Innovation Summit
We were pleased to participate in the NYSTAR Division of Science, Technology & Innovation Summit in Rochester, where Lindsay Karas Stencel joined a panel on venture capital trends alongside regional leaders. The discussion offered valuable perspective on how Upstate New York’s innovation landscape compares with activity in the Midwest, and the event provided a great opportunity to reconnect with many partners, founders, and colleagues. Congratulations to Elena Garuc and the FuzeHub team for an outstanding summit and for continuing to spotlight the momentum of the Upstate NY innovation ecosystem.
Thompson Hine Releases its 4th Innovation Survey Report
Thompson Hine recently published its fourth annual Bridging the Perception Gap innovation report, based on feedback from nearly 200 senior in-house counsel. While 93% of respondents say innovation is critical when selecting outside counsel, only 5% believe their law firm delivered “a great deal” of innovation over the past year.
Key findings include:
- A persistent “perception gap” exists between the innovations law firms believe they are delivering and what clients actually experience.
- 30% of respondents report seeing no measurable impact from innovation, highlighting a disconnect between investment and outcomes.
- Many clients remain unaware of legal project-management or process improvements at their firms (only 29% report seeing them).
- In-house legal teams acknowledge innovation challenges: only 30% describe their departments as “strong” innovators, citing system integration, security, training, and budget as barriers.
- Clients want clearer budgeting and forecasting (67% want reliable, detailed budgets) and more standardized workflows and project management (56%)—but few currently receive them.
- Generative AI adoption is increasing: 59% of clients are comfortable with their firms using it, particularly for automating routine work.
Successful Founders Forum Networking Event
Thank you to everyone who joined us earlier this month at Wenzel Distillery for a lively evening of conversation and connection at the Founders Forum Networking Event. Hosted by Thompson Hine’s Jake Denham of the firm's New Ventures practice and Book+Street, the event brought together founders, investors, advisors, and community leaders to strengthen relationships and celebrate the momentum of Cincinnati’s startup ecosystem.
Attendees had opportunities to connect with fellow entrepreneurs, meet potential investors and advisors, learn about resources to support growth, and spark new collaborations across the region. We were thrilled to see such strong engagement from the community and appreciate everyone who contributed to the energy in the room.
Special thanks to our partners at Book+Street and to all who helped make the evening a success. We look forward to continuing to support and grow Cincinnati’s innovation community at future gatherings.
Data Insights: SAFE Round Valuation Caps
Despite the headlines, most startups are not raising $5 million at $50 million valuations in their first round. New data on post-money SAFE rounds over the past year shows that early-stage deals vary widely in valuation caps—and there is no single “right” number for a first raise. Caps continue to be driven by founder credibility, market demand, and sector trends, with AI startups generally landing slightly higher valuations.
A few themes shaping today’s market:
- Mega-funds are moving earlier, reshaping the seed landscape for investors.
- Many “pre-seed” investors now expect some early revenue traction.
- VCs are encouraging more testing and iteration before raising, even as momentum-driven markets complicate that advice.
- Fundraising remains both competitive and challenging, with expectations around cash raised, valuation caps, and dilution tightly interconnected.
- Overall, early-stage capital is active—but far more nuanced than the headline-grabbing outliers suggest.
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.