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Welcome to No Fear Equity, a series that simplifies startup equity and fundraising. Sophia Sang introduces a startup lawyer to discuss term sheets. If you are raising a priced round, understanding the legal language in a term sheet is crucial. Mike LaPlante from Perkins Coie, an experienced startup attorney, helps break down the essential parts of a Series A term sheet. A key point is the stated pre-money valuation of 5 million for this company.