Frequently Asked Questions
You’re already helping other startups: With Powerset, you can offer them capital in addition to advice.
You’ll get better at running your own company from sitting on the other side of the table and learning from a peer group of elite founders in your cohort.
You’ll also learn how to become a world-class angel investor.
You should be an active founder in San Francisco, New York City, Boston, London, Tel Aviv or their surrounding areas—but we’ll consider exceptional founders in other cities. We’re particularly interested in deeply-technical founders who have a history of helping other startups already.
Investment experience isn’t required, but you should have access to compelling early-stage founders. You’ll learn how to invest by actually making investments and receiving real-time feedback and coaching.
Powerset is designed to be near-zero incremental time commitment since founders typically invest in companies they would be helping anyway. There’s no pressure to invest—some founders go a year or more before making their first investment.
AngelList provides full-stack legal and back-office support, so you stay focused on your company. You’ll never need to lift a finger.
Powerset is not a scout program nor is it affiliated with any venture fund.
Powerset gives you your own independent fund, branded and controlled by you. You can also invite other investors—including VC firms—to invest in your fund.
Powerset makes money when your fund performs well.
If you’re an accredited investor, we encourage you to invest a small amount in your fund to align incentives. This is not required, however, and can be decided after you join the program.
There are no fees or costs associated with Powerset.
Your fund will bear standard administrative expenses (paid to AngelList), but this is waived on any capital you invest in the fund yourself.
Powerset Cohort 1 has been filled. We plan to open applications for Cohort 2 in Q1 2024. Subscribe to be notified when applications open.
Approximately 10-15 founders will be selected for each cohort.
We’ll review your application and the most compelling candidates will be invited to interview.
You don’t need to be an accredited investor to participate in Powerset.
We plan to open applications for Cohort 2 in Q1 2024. If you are not selected for Cohort 1, you can re-apply then.
Each founder starts with a $1M fund. If you make great investments, you can unlock up to $15M for follow-ons and future funds.
You earn carried interest (i.e. “carry”), which means you earn a share of the fund’s profits. This is the same way VCs are compensated.
Please see the investing guidelines.
You control the fund and have authority over investments. Investments only require external approval in rare cases where you disclose a conflict of interest or the investment poses legal or tax challenges.
You can invest in early-stage private tokens that would otherwise meet the investing guidelines; AngelList handles funding and custody so it’s zero hassle for you.
This should happen rarely since advisor shares present conflicts of interest and are generally not considered founder-friendly. If you do take advisor shares, best practice is to pledge these to your fund.
You agree to adhere to the investing guidelines. In addition, you agree to “no cherry-picking,” which means all of your venture investments should be done with Powerset while your fund still has capital.
The Powerset team is available real-time to discuss potential investments and share pattern recognition, but there is no formal curriculum since angel investing is something that you only learn by doing it.
You’ll meet the founders in your cohort during the kickoff retreat in California. We also host social events for founders in Powerset; attendance is always optional—we know you’re busy.
You’ll receive a confidential monthly digest with recent investments from your cohort. Everyone is covered under NDA.
Powerset may disclose participants from time to time. If you have an extenuating circumstance, please mention this in your application and we’ll consider making an exception.
Certain investments may be disclosed, but nothing will be attributed to you without permission. Investors in your fund and Powerset’s investors will be able to see your portfolio and are covered under NDA.
The primary criteria is adhering to the investing guidelines and demonstrating good taste in founders and companies. We’ll discuss in more detail as you start making investments.