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Welcome to "No Fear Equity," a series simplifying startup equity and fundraising. Sophia Sang introduces a real startup lawyer to explain a term sheet. When raising a price round, understanding the legal language in a term sheet is crucial. Mike Laplante, a startup attorney from Perkins Coie, joins to discuss key parts of a Series A term sheet. One essential aspect is the stated free money valuation, with this company looking to raise $5 million.