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Welcome to No Fear Equity, a series that simplifies startup equity and fundraising. Sophia Sang introduces Mike Laplante, a startup attorney, to guide us through understanding a term sheet for a price round. Mike, from Perkins Coie, has vast experience with startups and breaks down crucial parts of a Series A term sheet. One important aspect is the stated pre-money valuation, with this company raising $5 million. Let's dive into the details.