Coffee with Sarah Turner

Sarah Turner

CEO & Co-Founder, Angel Academe.

Age 53

Coffees at BAFTA, 194-195 Piccadilly, London W1J 9LN 

Describe your career path in two or three sentences including any twist or turns ending with where you are now.

I have a background in technology. I have always done a lot of work with technology startups; I am absolutely fascinated by that world. Before setting up Angel Academe, I was doing some technology consulting helping large companies partner with small companies and embrace innovation in their organisations.

And then I started doing some angel investing, I went to various networks in London and I was often the only woman in the room and I thought this is crazy, I want to do something about it. So age 45, I finally found the problem I wanted to solve. I didn’t think of it at that stage as a business. I thought it would be a side project that complemented my day job really well but actually, it ended up completely taking over my life. 

What decision / experience proved to be the most helpful to your new career?

It’s not one thing, it’s a combination of things. I knew my networks and experience would be relevant and helpful.

I also felt financially stable enough to sacrifice a regular income although I did miss the salary! That’s useful because that buys you peace of mind.

Now that I was older, I had a clear idea of what my skills are. And actually, the pattern through my whole career has been organising groups of people to collaborate to do various things around technology so it felt like a natural fit for me and then loving start-ups. 

Where or to whom did you look for inspiration when thinking about a change?

Lots of people. I started speaking to people I respected in my network both men and women but particularly women to try and understand what was preventing them from becoming angel investors and whether they would be interested in joining a group if I was to set it up. So my peers, people who came from either a business or technology or finance background covering a wide range of skills that you need.

I also spoke to lawyers about the legal implications of doing this and one of my long term friends became one of the first sponsors, so having a law firm onside gave us a solid footing to launch the Academe. 

How did you know it was time to make the leap?

I don’t think you ever know., it’s never the right time. You just have to do it. Because if you keep putting it off it won’t happen.

I did quite a lot of research, I spoke to a lot of people, I had enough confidence that people would turn up to the event that I was running so that I wouldn’t look foolish but that was all.

You have to put a marker in the sand and say this is what I am doing because it forces you to do it. What's the worst thing that could happen? I am always careful about not over-promising. If you manage expectations, then the worst thing that can happen is that things don’t go quite as well as you hoped.  

What was the biggest challenge or hurdle to making a career change?

It’s loss. You are completely on your own, there’s no guarantee of any income, it's becoming comfortable with total uncertainty.

It is the most exciting thing I have ever done but it also goes with the most crushing lows.

It sounds a bit odd but it gave me an insight into what manic depression might feel like because the highs are amazing and when things come together it is amazing but if something doesn’t go quite right it’s really difficult.

So it was pulling back a bit and making sure I was not falling into that trap, keeping myself sane and reminding myself that this is not life or death. Of course, this is something I want to see work but it shouldn’t make me ill in the process. 

What do you know now that you wish you knew then? 

Oh god yes! I wish I planned the business side, the revenue model and the technology a bit better because in my haste to get going and put myself out there, I thought that could wait. 

What do you think are the opportunities for women in their 40s, 50s, 60s wanting to do interesting work

I started Angel Academe because I believed women (and particularly women in that age group) who were lucky enough to have a decent level of wealth were being completely overlooked by the investor community and that there were huge opportunities if they were to participate. Not only for potential financial return (which takes a long time and perseverance) but also for exposure to networks, new technologies, dynamic entrepreneurs and if you don’t have your own business idea at the moment you can join someone else’s business and help them grow something. If you are an angel investor you can do that for a few different businesses and start to develop a portfolio career that way.

I need to be careful to say you are not necessarily going to be paid for a lot for this, not in the short term. But it keeps your experience relevant and you are developing advisory and board skills and an understanding of what it takes to grow a business.

The skills you develop with a smaller company are also relevant to later-stage companies that do have the capacity to pay their Non-Executive Directors.

My angel investing activity has led directly to two NED positions, one of which is paid, one which isn’t but they wouldn’t have been offered to me if I wasn’t telling everyone I was an angel investor. 

What is your top tip for people thinking of re-inventing their careers?

Do it. Cast your net widely. Go to networks. Participate. See what is out there.

Don’t be put off because you think you are older because actually we have a huge amount of experience and insight and frankly people would be lucky to have us advising their business.

Keep going until you find the right opportunities. 

Recommendation: Favourite book to read, website to browse or podcast to listen to while drinking coffee?

The best book I read about angel investing, although you have to take it with a huge pinch of salt, is by this Brooklyn born guy who now lives in Silicon Valley called Angel: How to Invest in Technology Start-ups by Jason Calacanis. He's a very prolific investor and the book is very entertaining and quite inspiring. Our style of investing at Angel Academe is much lower key and more collaborative though!