#United States #Richmond #Michael Steele #Activation Capital #Virginia Biotechnology

Michael Steele Takes Charge of Activation Capital

The Virginia Biotechnology Research Partnership Authority, operating as Activation Capital, has made a significant move by appointing Michael Steele as its new president and chief executive officer. This appointment marks a pivotal moment for the organization as it moves forward in developing Virginia's life sciences ecosystem.

Steele's impressive background boasts over 20 years of leadership experience across various sectors, including therapeutic, diagnostic, and research industries. His career trajectory has seen him shaping high-performing teams, devising corporate strategies, and promoting growth through various channels including business development, mergers and acquisitions, and strategic partnerships.

Before joining Activation Capital, Steele excelled in executive roles at well-known companies such as Biocartis and Chembio Diagnostics. His achievements encompass generating substantial revenue through strategic initiatives, fostering global partnerships, and negotiating critical agreements with leading biopharma enterprises. Steele’s experience is underpinned by his strong educational background, having earned both his MBA and a Bachelor of Science degree from James Madison University, along with completing a Senior Leadership Program at Vlerick Business School in Brussels.

Michael Rao, president of Virginia Commonwealth University and chair of the Activation Capital Board, expressed excitement about Steele's appointment, stating, "Michael brings the vision, expertise, and collaborative spirit needed to position the organization for even greater impact." Rao also thanked Robert Ward for his contributions as interim CEO, praising his ability to streamline processes and enhance financial clarity during a period of unprecedented growth.

In the words of Juan Pablo Segura, the Secretary of Commerce and Trade for Virginia, the continued success of Activation Capital hinges on innovative leadership. He emphasized that under Steele's guidance, the organization is well-positioned to form new partnerships, attract investments, and broaden its regional influence. This aligns with the organization's mission of translating bold innovations into sustainable economic growth for Virginia.

Garrison Coward, a board member of the Virginia Biotechnology Research Partnership Authority, echoed this sentiment, highlighting that Steele's deep experience in life sciences and business development will serve as a tremendous asset for both the organization and the state's innovation economy. His capability to build partnerships and drive growth is expected to strengthen Central Virginia's position in biotech innovation.

As Activation Capital embarks on this new chapter, it continues to expand its reach and recognition. The organization has recently launched the Frontier BioHealth accelerator, welcomed its inaugural cohort of startups, created an initiative called Pioneer Connect, and expanded its Start-the-Journey pre-accelerator for emerging founders. Notably, it has also secured a multimillion-dollar grant to support biohealth sector development, reinforcing its role in fostering an inclusive innovation economy.

"I am energized and honored to lead Activation Capital at this pivotal moment," Steele stated in response to his appointment. He emphasized the organization's commitment to growing programs and expanding their impact in Virginia's life sciences sector, with a focus on job creation and attracting investment. Steele’s vision is clear: to catalyze innovation by providing robust support to researchers, entrepreneurs, and partners throughout the Commonwealth.

The Virginia Biotechnology Research Partnership Authority stands as a political subdivision of the Commonwealth of Virginia, aiming to promote industrial and economic development by disseminating knowledge related to scientific and technological research. Steele's leadership signals a progressive approach towards achieving these objectives, setting the stage for Virginia to maintain its status at the forefront of biotechnology innovation.

This appointment not only showcases the authority's commitment to excellence in leadership but also highlights the significant strides being made within the state's life sciences ecosystem. As Activation Capital continues to grow under Steele's guidance, the future looks promising for Virginia's biotech landscape, promising new partnerships, investments, and an ever-expanding impact on the health and innovation sectors.