Michael Rao passes Activation Capital chair role to Paul Nolde

By Grant J. Heston

With Virginia Commonwealth University entering an ambitious new chapter, President Michael Rao asked the Activation Capital board to elect another member to serve as board chair. Rao has chaired the board since succeeding former VCU President Eugene P. Trani in 2009.

The legislation establishing the organization allows any member of the board to serve as chair. After consulting with other members, Rao nominated, and the board approved, Vice Chair Paul Nolde as the new chair.

"This is the right moment for another member to provide board leadership," Rao said. "Paul brings outstanding economic development and entrepreneurial experience and commitment. I look forward to working with him, supporting him and the rest of the board and remaining actively engaged in Activation Capital's success in the future."

Rao reminded the board that he had been discussing a board leadership transition since 2023, but remained chair following the 2024 departure of the former president and CEO. Rao continued as chair through the interim period and the first year of new President and CEO Michael Steele to provide continuity.

Rao will remain an active and engaged member of the board, continuing VCU's close partnership with Activation Capital as both organizations work to strengthen innovation, research and economic development in the Richmond region and across Virginia.

"President Rao's steadfast leadership as chair since 2009 helped position Activation Capital for the opportunities we have today," Steele said. "I'm grateful for the perspective, commitment and spirit of collaboration he has brought to this organization, and I'm especially pleased that we'll continue to have his voice on the board. I look forward to working with Paul as chair and continuing the momentum that has made this such an exciting time for Activation Capital and our region."

Activation Capital, the operating name of the Virginia Biotechnology Research Partnership Authority, supports life sciences entrepreneurs, startups and high-growth companies by connecting them with the resources, expertise and capital needed to grow. Its work is centered on strengthening the Richmond region's life sciences and innovation economy and helping Virginia compete as a destination for research, biotechnology and entrepreneurship.

Nolde has served on the board since January 2025 and as vice chair has led meetings in Rao's absence. He also has worked closely with Steele on organizational strategy, performance goals and priorities. His professional background in business incubation, acceleration and venture capital aligns closely with Activation Capital's mission.

"I'm honored by President Rao's confidence and excited about the opportunity to help lead Activation Capital at such an important moment," Nolde said. "Virginia has tremendous potential to grow its innovation economy, and Activation Capital has a unique role in connecting entrepreneurs, researchers, investors and industry."

The board transition comes at a good time for VCU. The university is pursuing a goal of doubling sponsored research to $1 billion, increasing its national and international prominence as an R1 research institution, launching a new strategic plan focused on student success and graduation and advancing a $1.8 billion capital campaign.

"These are ambitious goals that can transform VCU's trajectory which will positively impact Virginia's economy," Rao said. "They require close collaboration among our many entities and with significant engagement with donors, legislators, industry partners and other universities."

The board will take up its remaining officer positions, including vice chair, at its next regular meeting.

Grant J. Heston is vice president for Enterprise Communications and Marketing for VCU and VCU Health.