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"Welcome to No Fear Equity, a series breaking down startup equity and fundraising in simple terms. Sophia Sang brings in startup lawyer Mike LaPlate to discuss a Series A term sheet. Understanding legal language can be challenging. Mike, from Perkins Coie, a trusted firm, helps break down key parts of a term sheet. In a price round, a stated free money valuation is crucial. This company is raising $5M. Let's dive in!"