Paul Nolde, a fixture in Virginia’s early-stage investment and startup communities, has been elected as the new chair of the board for Activation Capital. He succeeds long-time chair and Virginia Commonwealth University (VCU) President Michael Rao, Ph.D., who is stepping down from the leadership post after a 17-year tenure. The transition, highlighted in a recent announcement, marks a new phase for the organization as it looks to accelerate the region’s innovation economy.
About Paul Nolde
Nolde steps into the chair role after previously serving as the board’s vice chair, ensuring continuity while signaling a shift in the board’s leadership profile. The transition from a university president to an active venture and angel investment leader reflects a maturation of the Virginia life sciences ecosystem. Where the past two decades required a heavy focus on aligning academic research and foundational infrastructure, the next phase of ecosystem growth relies heavily on commercialization, startup formation, and capital deployment.
As the president and CEO of 757 Collab and the executive director of 757 Angels, Nolde brings a daily practitioner’s lens to the board. He operates at the intersection where scientific innovation meets market reality.
This dual experience aligns with Activation Capital’s mandate. The organization is involved in “space making”—developing the wet labs and facilities that life sciences companies require to grow—as well as entrepreneurial programming. Building innovation infrastructure is only half the equation; an ecosystem also needs the risk capital to sustain the companies that will eventually lease those spaces. Nolde’s background in evaluating risk, building investment syndicates, and mentoring early-stage founders provides Activation Capital with leadership that understands the constraints and opportunities facing today’s biotech builders.
The leadership change also marks the end of an era for the authority. President Rao held the chair position since 2009 and, under his stewardship, the organization solidified its role in economic development and innovation infrastructure. Rao will remain an active member of the board, preserving institutional memory and maintaining the link between the state’s academic engines and its commercialization efforts.
“President Rao’s steadfast leadership as chair since 2009 helped position Activation Capital for the opportunities we have today,” said Michael Steele, president and CEO of Activation Capital. “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.”
About Activation Capital
Activation Capital is an independent authority of the Commonwealth of Virginia, tasked with fostering innovation and growing the region’s life sciences and advanced technology sectors. The organization serves as a central hub for ecosystem development, providing the infrastructure, entrepreneurial programs, and strategic partnerships necessary to accelerate commercialization.
