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Welcome to "No Fear Equity," where startup equity and fundraising are explained in simple terms. In this episode, Sophia Sang brings in Mike Laplante, a startup lawyer, to discuss a Series A term sheet. Understanding a term sheet is crucial for a price round, but the legal jargon can be daunting. Mike, a seasoned startup attorney, will guide us through the key components of the term sheet. One important aspect is the stated pre-money valuation, with this company aiming to raise 5 million.