Paul Nolde Appointed as New Chair of Activation Capital After Michael Rao's Legacy Leadership

Transition of Leadership at Activation Capital

On September 29, 2026, Activation Capital announced a significant leadership transition that marks both a celebration of legacy and a new beginning. After 17 successful years at the helm, Dr. Michael Rao, President of Virginia Commonwealth University, steps down from his role as chair of the Authority Board, leaving an indelible mark on Virginia's biotechnology landscape. He will retain a presence within the organization as a board member, continuing his invaluable support of life sciences innovation and economic development.

Rao's guidance has been instrumental in transforming Activation Capital from its original mission of supporting the Virginia Bio+Technology Research Park into a robust ecosystem that nurtures entrepreneurship, commercialization, and cross-sector collaboration. Since 2009, his strategic vision has fueled the organization’s growth and adaptability, enabling it to meet the evolving needs of the biotechnology sector. As noted by Michael Steele, President and CEO of Activation Capital, Rao's leadership positioned the organization to leverage unprecedented opportunities in the life sciences arena.

Incoming chair Paul Nolde, previously vice chair of the Authority Board, is poised to take over this critical role. Nolde brings extensive experience in entrepreneurship and innovation support, having held significant leadership positions in Virginia’s entrepreneurial ecosystem. He is the President and CEO of 757 Collab and Executive Director of 757 Angels, where he fosters the growth of high-potential startups.

A New Era Under Nolde’s Leadership

Nolde's approach is expected to build upon Rao's legacy while continuing to expand the organization’s impact. “I’m honored by President Rao's confidence and excited about the potential of Virginia’s innovation economy,” Nolde stated. His vision includes enhancing connectivity between entrepreneurs, researchers, and investors, which is vital for sustaining and growing Virginia's reputation as a leading environment for biotechnology and entrepreneurship.

In the past few years, Activation Capital has been at the forefront of initiatives aimed at bolstering pharmaceutical manufacturing in Virginia. One notable project is the Alliance for Building Better Medicine, which has highlighted the importance of a resilient domestic supply chain. Through strategic collaborations, Activation Capital has attracted significant funding, including over $53 million from the U.S. Economic Development Administration, promoting the development of an advanced pharmaceutical manufacturing cluster in the Richmond-Petersburg area.

Expanding Infrastructure

As part of its commitment to improving innovation infrastructure, Activation Capital is spearheading the largest expansion of its Bio+Tech Center since its inception. The new lease agreement with VCU will add approximately 10,535 square feet of space and 13 new wet laboratories, boosting laboratory capacity significantly and accommodating advanced research and product development needs.

Growing Programs for Startups

Moreover, under Nolde's guidance, the organization aims to broaden its range of programs designed to support life sciences entrepreneurs. With initiatives like Basecamp and Pathfinder, researchers and founders will gain crucial access to industry experts, investors, and specialized resources, nurturing promising technologies toward market readiness.

A Unified Board for Future Growth

As this leadership transition unfolds, Elizabeth Anne Whalley is stepping into the vice chair position, bringing her experience to the forefront. The board is now equipped with the leadership necessary to navigate the next stage of Virginia's biotech growth. Together with Nolde and Rao's continued involvement, this leadership team will work diligently to solidify Virginia as a hotspot for life sciences innovation and commercialization.

Through collaboration and strategic initiatives, Activation Capital is poised to enhance its position as a vital driver of economic growth in Virginia's biotechnology sector. The combination of continuity with Rao’s legacy and fresh perspectives from Nolde promises a dynamic future for both the organization and the broader biosciences community in the state.