Richmond, Virginia, United States, August 2025 – Activation Capital, officially known as the Virginia Biotechnology Research Partnership Authority, has announced the appointment of Michael Steele as President and Chief Executive Officer. He succeeds Robert Ward, who served as Interim CEO since July 2024, guiding the organization through a phase of substantial growth within Virginia’s life sciences innovation ecosystem.
Steele brings over two decades of leadership experience in the therapeutic, diagnostic, and research verticals. He has a distinguished record in corporate strategy, strategic partnerships, M&A, and investor relations, having held senior leadership roles at Biocartis, Chembio Diagnostics, SeraCare Life Sciences, and Serologicals. Across his career, Steele has led initiatives that generated hundreds of millions in revenue and investments, executed high-impact transactions, and built robust partnerships across the biotech and life science sectors.
A native of Virginia, Steele holds an MBA and Bachelor of Science from James Madison University, and has completed the Senior Leadership Program at Vlerick Business School in Brussels, Belgium.
“Activation Capital‘s mission depends on exceptional leadership, and Michael brings the vision, expertise and collaborative spirit needed to position the organization for even greater impact. We are excited to bring him on board,” said Michael Rao, President of Virginia Commonwealth University and Chair of the Activation Capital Board. “I also thank Robert Ward for his dedicated service as Interim CEO. Rob brought amazing energy, experience and leadership into his role; he streamlined infrastructure and processes, helped to achieve financial clarity and used his real estate expertise to guide the Board in understanding complex transactions.”
“Activation Capital‘s continued success in advancing Virginia’s life sciences ecosystem depends on its ability to translate bold innovation into long-term, sustainable economic growth,” said Juan Pablo Segura, Secretary of Commerce and Trade for the Commonwealth of Virginia. “Under Michael Steele’s leadership, Activation Capital is well positioned to catalyze new partnerships, attract investment, and expand our regional impact further. I look forward to working together to ensure Virginia remains at the forefront of biotech innovation.”
“Michael brings deep experience in life sciences, business development, and strategic vision that will be a tremendous asset to Activation Capital and to Virginia’s innovation economy as a whole,” said Garrison Coward, Board Member of the Virginia Biotechnology Research Partnership Authority and Deputy Chief Transformation Officer in the Office of the Governor. “He clearly knows how to build partnerships, drive growth, and move organizations forward. That combination will help strengthen our position in biotech innovation across Central Virginia and the Commonwealth.”
Steele steps into his new role as Activation Capital accelerates its national footprint. Recent milestones include the launch of Frontier BioHealth Accelerator, the inaugural cohort of 10 growth-stage startups, creation of Pioneer Connect, expansion of the Start-the-Journey pre-accelerator program, and the acquisition of a multimillion-dollar GO Virginia grant. The organization continues to gain recognition for fostering an inclusive and dynamic innovation economy in Virginia.
“I am energized and honored to lead Activation Capital at this pivotal moment,” said Michael Steele. “We’re building on a strong foundation, growing our programs, supporting even more entrepreneurs, and expanding our impact across the Commonwealth. In our mission of elevating Virginia’s life science ecosystem, my goal is simple yet impactful: create meaningful jobs and attract investments to catalyze our researchers, entrepreneurs, and partners to bring innovation to life, right here in the Commonwealth.”
About Virginia Biotechnology Research Partnership Authority
The Virginia Biotechnology Research Partnership Authority (“Activation Capital“) is a political subdivision of the Commonwealth of Virginia established by the 1993 Virginia Acts of Assembly. It facilitates scientific research, fosters public-private knowledge exchange, and promotes economic development in biotechnology and allied sectors across Virginia.
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