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Welcome to No Fear Equity, a series simplifying startup equity and fundraising. Sophia Sang introduces startup lawyer Mike LaPlate to break down a Series A term sheet. A term sheet is crucial for understanding a priced round, but its legal language can be challenging. Mike, from Perkins Coie, unravels the key elements of a Series A term sheet. One key point is the stated pre-money valuation, with this company raising $5 million.