Activation Capital Names Michael Steele as President and CEO

Accomplished life sciences executive to lead Virginia's innovation ecosystem development organization into its next phase of growth.

RICHMOND, Va., Aug. 26, 2025 /PRNewswire/ -- The Virginia Biotechnology Research Partnership Authority (doing business as Activation Capital) announced today that it has appointed Michael Steele as president and chief executive officer. Steele succeeds Robert Ward, who has served as interim CEO since July 2024 during a period of rapid growth for the life sciences ecosystem development organization. 

Steele comes to Activation Capital with more than two decades of leadership experience in therapeutic, diagnostic, and research verticals across global markets. He has built and led high-performing teams, driven corporate strategy, and delivered growth through business development, mergers and acquisitions, licensing, investor relations, and strategic partnerships. Over his career, he has held senior leadership positions at fast-paced organizations, including Biocartis, Chembio Diagnostics, SeraCare Life Sciences, and Serologicals. Steele served in general management, corporate development, commercial, and operational roles, where he executed transactions generating hundreds of millions of dollars in revenue and investment. He has led global partnering initiatives to advance therapeutic, diagnostic and precision medicine innovations, negotiated agreements with top biopharma and life science companies, and directed strategies for large, growing organizations.

A Virginia native, Steele earned his MBA and a Bachelor of Science degree from James Madison University and 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 joins Activation Capital during a period of expansion and national recognition. Over the past year, the organization launched the Frontier BioHealth accelerator and showcase, welcomed its inaugural cohort of 10 high-growth startups, created Pioneer Connect, and expanded Start-the-Journey, a pre-accelerator for emerging founders. Activation Capital also secured a multimillion-dollar GO Virginia grant to scale biohealth sector development and earned recognition for its role in building an inclusive, high-impact innovation economy.

"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 ("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 knowledge in biotechnology, and promotes industrial and economic development.

For more information, visit activation.capital.

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SOURCE Activation Capital