Richmond, Va. – September 30, 2026 -- Activation Capital, the operating name of the Virginia Biotechnology Research Partnership Authority, has elected Paul Nolde as chair of its Authority Board, succeeding Virginia Commonwealth University President Michael Rao, Ph.D., who held the role since 2009. Rao will remain an active board member.
Nolde takes over after serving as vice chair since January 2025
Nolde is President and CEO of 757 Collab and Executive Director of 757 Angels, a venture platform funding high-growth startups in Hampton Roads and across Virginia from post-ideation through seed stage. He previously served as Executive Managing Director of Richmond-based accelerator Lighthouse Labs, Fund Manager and Managing Director of Riverflow Growth Fund, a healthcare-focused seed fund, and as a director at early-stage venture firm NRV.
Rao's 17-year tenure oversaw pharma manufacturing wins worth $53 million
Under Rao, Activation Capital expanded beyond its original role supporting the Virginia Bio+Technology Research Park into a regional life sciences ecosystem organization. It led a pharmaceutical manufacturing scaleup initiative that helped form the Alliance for Building Better Medicine, positioning the Richmond-Petersburg region to secure more than $53 million through the U.S. Economic Development Administration for an advanced pharmaceutical manufacturing cluster.
Bio+Tech Center capacity to more than double with 13 new wet labs
Activation Capital is undertaking its largest lab-space expansion since inception, adding approximately 10,535 square feet and 13 new wet laboratories, including a clean room, through a lease for space made available by VCU in Bio+Tech One. The project will lift laboratory capacity from 10 to 23 labs.
Board reshuffle extends beyond the chair role
Elizabeth Anne Whalley, previously board secretary, moves into the vice chair position, while board member Brian Anderson takes over as secretary. Michael Steele, president and CEO of Activation Capital, credited Rao's leadership with positioning the organization for its current growth phase and said he looks forward to working with Nolde to sustain that momentum.
Activation Capital's entrepreneurship programs -- Basecamp, Pathfinder, Frontier BioHealth, and Pioneer Connect -- continue to support researchers and founders from early discovery through investor readiness and commercialization.