Activation Capital taps new CEO

Richmond tech accelerator Activation Capital announced Tuesday that it has appointed Michael Steele as president and CEO.

He succeeds Robert Ward, who has served as interim CEO since July 2024. Ward took on the role following the departure of Chandra Briggman, who left to pursue other opportunities.

Activation Capital is an accelerator arm of the Virginia Biotechnology Research Partnership Authority, a  political subdivision of the state government. Activation Capital aims to commercialize local biohealth research and build a biohealth entrepreneurship hub in Central Virginia. It connects entrepreneurs and researchers, provides lab facilities and office space, offers networking opportunities and has accelerator programs.

Steele, a Virginia native, has over two decades of leadership experience in therapeutic, diagnostic and research industries and has worked in general management, corporate development, commercial and operational roles. He has held senior leadership positions at organizations such as Biocartis, Chembio Diagnostics, SeraCare Life Sciences and Serologicals.

He has an MBA and a bachelor’s degree from James Madison University and completed the Senior Leadership Program at Vlerick Business School in Brussels.

“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,” said Michael Rao, president of Virginia Commonwealth University and chair of the Activation Capital Board, in a statement. “We are excited to bring him on board.”

In the past year, Activation Capital launched the Frontier BioHealth accelerator and showcase, welcomed its inaugural cohort of 10 high-growth startups and expanded Start-the-Journey, a pre-accelerator for emerging founders. The organization also secured a multimillion-dollar GO Virginia grant to scale biohealth sector development.

“I am energized and honored to lead Activation Capital at this pivotal moment,” said Steele in a statement. “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.”

Activation Capital is headquartered in Biotech Center, part of the 34-acre Virginia Bio+Tech Park. Virginia Biotechnology Research Partnership Authority aims to disseminate knowledge about scientific and technological research and is governed by a nine-member board of directors.