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Welcome to "No Fear Equity," a series simplifying startup equity and fundraising. Sophia Sang introduces Mike Laplante, a startup lawyer, to discuss term sheets for a price round. Term sheets can be complex due to legal jargon. Mike, from Perkins Coie, has experience with thousands of startups and will help break down the critical elements of a Series A term sheet. One key point is the stated pre-money valuation, with this company aiming to raise $5 million.