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In the "No Fear Equity" series, host Sophia Sang and startup attorney Mike Laplate discuss the complexities of a Series A term sheet, particularly for startups raising a priced round. They emphasize the importance of understanding legal language within the term sheet, as it outlines critical aspects of fundraising. Mike, experienced in assisting numerous startups, explains that the term sheet will include a stated pre-money valuation relevant to the company's financing, which in this case is raising $5 million. The session aims to simplify these concepts for entrepreneurs navigating their equity and fundraising processes.