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In this episode of "No Fear Equity," host Sophia Sang invites startup attorney Mike Laplate to explain Series A term sheets, which are crucial for those raising a priced round. The discussion focuses on the complex legal language often found in these documents. Mike, who has extensive experience working with startups at Perkins Coie, aims to clarify the essential components of a Series A term sheet. The episode addresses the concept of a stated pre-money valuation, illustrating that the company in question is raising $5 million. The goal is to demystify the fundraising process, making it more accessible for entrepreneurs.