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PMs at AngelList start by working in a technical capacity for their first 6-12 months (either engineering, design, or user research). Afterwards, they step into more a typical product role.
Deep product experience
You're either a former founder / creator of a successful product, or have 5+ years of experience PM-ing a successful product at a larger company.
You are either a designer (able to produce medium-high fidelity mocks), or a software engineer. You still use these skills regularly.
Superb analytical sharpness
You've done tons of user research and are comfortable working with a spreadsheet.