Accomplished life sciences executive to lead Virginia’s innovation ecosystem development organization into its next phase of growth.
Richmond, VA – August 26, 2025 – 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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Biotechnology company developing early liver diseases detection technology
COLUMBIA, Md., (August 19, 2025) — TEDCO, Maryland’s economic engine for technology companies, announced a recent $250,000 Pre-Seed Builder Fund investment in AGED Diagnostics. Housed under TEDCO’s Social Impact Funds, the Pre-Seed Builder Funds provide investment and support to Maryland-based technology companies led by founders from economically underserved backgrounds.
“TEDCO’s funding continues to support us in furthering our research and development for early liver disease detection,” said Rachel Zayas, CEO of AGED Diagnostics. “With this follow-on investment, we hope to move closer to our mission of providing access to early detection and intervention care for those with liver disease.”
AGED Diagnostics, based in Rockville, Md., is a biotechnology company developing an early detection and intervention solution for liver disease. Using genomic innovation, the company is working to create a more accurate blood test that could keep patients in a monitoring program, helping to reduce financial burdens and improve patient outcomes.
“AGED Diagnostics seeks to tackle both the health and financial aspects of liver disease through their detection technology,” said Jean-Luc Park, deputy chief investment officer & senior director of TEDCO’s Social Impact Funds. “At TEDCO, we work to support innovative companies like this who are working towards impactful solutions; through the Pre-Seed Builder Fund, we are honored to offer more than just funding in support for our portfolio companies.”
TEDCO’s Social Impact Funds are just one of the many investment opportunities available to qualifying technology-focused startups and small businesses across Maryland.
“As technologies continue to evolve, it is always promising to see innovation in biotechnology seek to support more efficient and affordable healthcare,” said TEDCO CEO, Troy LeMaile-Stovall. “Being ranked as a top state for health care, Maryland has a fertile ecosystem for entrepreneurs and companies looking to advance in the medical landscape.”
For more information, visit our page at www.tedcomd.com/funding.
About TEDCO
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.
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Media Contact
Tammi Thomas, Chief Development & Marketing Officer, TEDCO, tthomas@tedcomd.com
Rachael Kalinyak, Associate Director, Marketing & Communications, TEDCO, rkalinyak@tedcomd.com
The Baltimore Innovation Initiative awards a total of more than $645,000 to 14 awardees
COLUMBIA, Md., (August 18, 2025) — TEDCO, Maryland’s economic engine for technology companies, announced the first round of the Baltimore Innovation Initiative (BII) Pilot Program awardees, marking an important milestone for the organization. The BII Pilot Program falls under the Maryland Innovation Initiative (MII), fueling innovation and economic impact in the Baltimore region.
“The first round of BII awardees exemplify the innovation present throughout the Baltimore-Columbia-Towson Metropolitan Statistical Area,” said Abi Kulshreshtha, executive director, MII. “These awards will advance innovative technologies from seven colleges and universities, contributing to Maryland’s growing innovation ecosystem.”
The BII was created to support an equitable innovation and entrepreneurial ecosystem within higher education institutions in the Baltimore-Columbia-Towson Metropolitan Statistical Area (MSA). As part of Maryland’s matching contribution toward the Baltimore Tech Hub, the BII seeks to advance technology toward commercialization of a product or service and bolster support for entrepreneurs developing technology-based ventures.
“We received a number of excellent candidates – choosing the 14 awardees was a difficult process, but we feel these awardees are best positioned to utilize the funding provided to progress towards commercialization,” said Jalaycia Lewis, BII program manager.
The Technology Advancement Grant offers applicants support to commercialize a new or existing technology at an eligible institution while the Entrepreneurship and Commercialization Programming and Infrastructure Grant supports the creation or enhancement of entrepreneurship programs and commercialization infrastructure for technology-based ventures.
The eight Technology Advancement awardees include:
- Selena Shirkin,Fetal Therapy Technologies: Designing a novel port system for microsurgery; Johns Hopkins University
- Rebecca Greene,Semiautonomous Humanistic Algorithm for Reduced Effort and Enhanced Dexterity (SHARE2D) Control; Johns Hopkins University
- Anika Mistry,DevMinds: adaptive social-emotional learning to support neurodiverse kids beyond therapy sessions; Johns Hopkins University
- Oriol Cuxart,A breakthrough neuromodulation solution for Chronic Rhinosinusitis patients; Johns Hopkins University
- Michael Tangrea, advancing precision medicine through commercialization of the micropurification technology; Loyola University Maryland
- Kevin Tu, developing a secure and integrated fume hood management platform to reduce energy waste in research laboratories; University of Maryland, Baltimore
- Andres Londoño,DegreeMap: A smart degree planning platform for Maryland higher education; Towson University
- Debbie Sahlin, ACCESS-DP Advancing Coordinated Care and Emerging Smart Solutions for Disabled Populations; University of Maryland, Baltimore
The six Entrepreneurship Commercialization, Programming and Infrastructure Awardees include:
- Ian Ryu,AI Venture Studio Pilot; Johns Hopkins University
- Wendy Bolger, Support for the Baltipreneurs Accelerator; Loyola University Maryland
- Ryan Hoover, Launching the MICA Biodesign Program to Support and Diversify the Regional Bioeconomy; Maryland Institute College of Art
- Henry Mortimer,UBalt AI-Enabled Business Incubator; University of Baltimore
- Kenneth Wong,Center for Climate and Health Entrepreneurship; University of Maryland, Baltimore
- Jamie Gurganus,Embedding Entrepreneurial Mindset in Academia: Launching the Entrepreneurial Learning Lab at UMBC; University of Maryland, Baltimore County
“Innovative entrepreneurs thrive in Maryland with the support of programs like BII,” said TEDCO CEO, Troy LeMaile-Stovall. “As the number one state for minority-owned businesses, Maryland is moving the needle forward. By embracing diversity, we continue to see growth in a merit-based ecosystem that will not only bring the state to the forefront of innovation but will allow for sustainability.”
The MII was established as a collaboration between the State of Maryland and five academic research institutions, and leverages each institution’s strengths while promoting the commercialization of research conducted there. Since its inception, the program has invested more than $59 million in promising research commercialization, supported nearly 200 companies and generated almost 400 jobs. The success of the MII led to several pilot programs that expanded MII’s reach to two more comprehensive universities in addition to the creation of BII.
To learn more about the MII and BII programs, eligibility and application details, visit tedcomd.com/funding/maryland-innovation-initiative.
About TEDCO
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.
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Media Contact
Tammi Thomas, Chief Development & Marketing Officer, TEDCO, tthomas@tedcomd.com
Rachael Kalinyak, Associate Director, Marketing & Communications, TEDCO, rkalinyak@tedcomd.com
In this episode of BioTalk with Rich Bendis, Stefanie Trop, Ph.D., Director of Life Sciences at the Maryland Department of Commerce joins the conversation to discuss Maryland’s position as a leading life sciences hub. Stefanie shares how the Department of Commerce supports company attraction and growth through programs like Global Gateway, and how it’s amplifying the state’s recent #3 biopharma hub ranking. The discussion also explores Maryland’s unique ecosystem, including the work of the Governor’s Life Sciences Advisory Board, the state’s leadership in computational health, and the importance of industry collaboration during BioHealth Capital Region Week.
Listen now on your favorite podcast platform:
Apple: https://apple.co/4oHp9Po
Spotify: https://bit.ly/4fEIooK
iHeart: https://ihr.fm/4fGY3UL
Amazon Podcasts: https://amzn.to/47Awvya
YouTube Podcasts: https://bit.ly/3V7rJAI
Editing and post-production work for this episode was provided by The Podcast Consultant.
Dr. Stefanie Trop brings a unique blend of hands-on scientific expertise and high-level strategic insight. With a Ph.D. in Molecular Microbiology and Immunology, she has worked at the ground level in immunology, clinical trials, and vaccine development, while also driving growth through scientific partnerships and business development. Her deep understanding of the science and passion for problem solving guides her ability to build effective collaborations that advance both innovation and commercial success.
At the Maryland Department of Commerce, Stefanie works to connect Maryland’s life sciences companies with national and global resources, expanding the industry’s impact at home and globally. In current and prior roles, she bridges communication gaps between scientific and business teams, ensuring that customer needs translate into innovative products and business wins.