Activation Capital Recognizes President Michael Rao's 17 Years of Leadership as Authority Board Chair, Names Paul Nolde as New Chair

RICHMOND, Va., Sept. 29, 2026 /PRNewswire/ -- Activation Capital, the operating name of the Virginia Biotechnology Research Partnership Authority, today announced the election of Paul Nolde as chair of the Authority Board, succeeding Virginia Commonwealth University President Michael Rao, Ph.D., who has served as chair since 2009. Rao will remain an active member of the board, continuing his longstanding support of Activation Capital and its work to strengthen life sciences innovation, entrepreneurship, commercialization, and economic development across the region.

Rao's 17 years as chair span a period of significant growth and evolution for the organization and Virginia's life sciences ecosystem. During his tenure, the organization expanded beyond its historic role supporting the Virginia Bio+Technology Research Park to become a life sciences ecosystem-expansion organization advancing entrepreneurship, commercialization, specialized infrastructure, and cross-sector connectivity across Greater Richmond and the Commonwealth.

"President Rao's steadfast leadership as chair since 2009 helped position Activation Capital for the opportunities we have today," said Michael Steele, president and chief executive officer of Activation Capital. "I'm grateful for the perspective, commitment and spirit of collaboration he has brought to this organization, and I'm especially pleased that we'll continue to have his voice on the board. I look forward to working with Paul as chair and continuing the momentum that has made this such an exciting time for Activation Capital and our region."

In 2017, the organization introduced the Activation Capital identity as part of an expanded focus on strengthening the region's high-growth innovation and entrepreneurial ecosystem. Over the years that followed, Activation Capital deepened its work in entrepreneurship, commercialization, ecosystem development, and innovation infrastructure.

Activation Capital also led a pharmaceutical manufacturing scaleup initiative that helped catalyze the formation of the Alliance for Building Better Medicine, aligning industry, academia, government, and economic development partners around opportunities to strengthen domestic pharmaceutical manufacturing and supply chain resilience. That collaboration helped position the Richmond-Petersburg region to secure more than $53 million through the U.S. Economic Development Administration and contributed to the development of an advanced pharmaceutical manufacturing cluster that has since attracted significant public, private, and philanthropic investment.

In recent years, Activation Capital has expanded its continuum of life sciences entrepreneurship programs to support innovators from early discovery and company formation through investor readiness and commercialization. Basecamp, Pathfinder, Frontier BioHealth, and Pioneer Connect provide researchers and founders access to experienced operators, investors, industry partners, and specialized expertise to help move promising technologies toward market.

Activation Capital is also undertaking the largest expansion of its Bio+Tech Center since its creation. Through a lease agreement for space made available by VCU in Bio+Tech One, the organization is adding approximately 10,535 square feet and 13 new wet laboratories, including a clean room. Upon completion, the expansion will increase laboratory capacity from 10 to 23 labs while expanding specialized infrastructure for applied research, product development, company formation, and commercialization.

Nolde was appointed to the Virginia Biotechnology Research Partnership Authority Board in January 2025 and has since served as vice chair. He brings extensive experience in entrepreneurship, business incubation, acceleration, and early-stage investment, including leadership roles across Virginia's entrepreneurial ecosystem.

As the President and CEO of 757 Collab and the Executive Director of 757 Angels, Nolde sets the strategic vision for both organizations and oversees day-to-day operations for a venture platform that incubates, accelerates, and funds high-growth startups in Hampton Roads and the broader Commonwealth, from post-ideation to seed stage. He previously served as Executive Managing Director of Lighthouse Labs, a nationally recognized venture accelerator in Richmond, adjunct professor of Impact Investing at the University of Virginia's Batten School of Leadership and Public Policy, and as Fund Manager and Managing Director of Riverflow Growth Fund, a seed-stage, healthcare-focused venture fund. Earlier, he was a director at NRV (an early-stage venture firm), managed the angel investment portfolio of a family office, and held sales and strategy roles at national and community banks.

"I'm honored by President Rao's confidence and excited about the potential of Virginia's innovation economy," Nolde said. "Activation Capital plays an important role connecting entrepreneurs, researchers, investors and industry, and I look forward to working with Michael Steele, President Rao, and the rest of the board to build on the organization's momentum."

The leadership transition comes as Activation Capital continues to expand its role in Virginia's growing life sciences ecosystem. With Rao continuing his service on the Authority Board and Nolde assuming the chair role, Activation Capital enters its next phase with continuity in board leadership and a growing platform for regional impact. As part of the leadership transition, Elizabeth Anne Whalley, who previously served as secretary of the Virginia Biotechnology Research Partnership Authority Board, will assume the role of vice chair, while board member Brian Anderson will serve as secretary.

Together, the Authority Board will continue working to grow the region's life sciences and innovation economy while strengthening Virginia's position as a destination for biotechnology, entrepreneurship, and commercialization.

About Virginia Biotechnology Research Partnership Authority

The Virginia Biotechnology Research Partnership Authority ("Authority") is a political subdivision of the Commonwealth of Virginia created by Chapter 946 of the 1993 Virginia Acts of Assembly (the "Act"). The Authority disseminates knowledge pertaining to scientific and technological research and development among public and private entities, including but not limited to biotechnology, and promotes industrial and economic development.

SOURCE Activation Capital