The latest funding highlights a series of investments into the Virginia Bio+Tech Park, complementing the City of Richmond’s investment into its Innovation District vision.
RICHMOND, Va., – An omnibus spending bill funding the federal government for the fiscal year 2023 and signed by the president includes $1.5M for Activation Capital, an innovation ecosystem development organization. The funding will support the continued growth and acceleration of life sciences commercialization and business formation in Central Virginia and including those applicable to the emerging advanced pharmaceutical research, development, and manufacturing cluster in the region.
Added to the bill at the request of Virginia Senators Tim Kaine and Mark Warner, the funds will support Activation Capital’s life sciences commercialization, training, and capacity-building efforts.
“This federal funding is a much-needed seed investment into our entrepreneurship growth strategy focused on building a pipeline of entrepreneurs translating high-potential health and life sciences discoveries into high-growth companies,” said Chandra Briggman, President and CEO of Activation Capital, a state-created innovation ecosystem development organization. “Life sciences is a fairly resilient sector – a worthy investment to grow our regional economy, but we need capacity-building support to help actualize its potential. We deeply appreciate Senator Mark Warner and Senator Tim Kaine for their support of our work to strengthen the life sciences ecosystem and the Virginia Bio+Tech Park and create an economic engine for the region.”
“I am proud to support Activation Capital in their mission to build a resilient life sciences research and development workforce in Central Virginia,” said Senator Warner. “This funding, which we secured as part of our bipartisan omnibus spending package, will aid the crucial work of Activation Capital in establishing Central Virginia as a hub for pharmaceutical manufacturing through investment in local entrepreneurship, talent building, and recruitment – spurring economic growth in Petersburg and throughout the region.”
“Central Virginia is already a critical hub for innovative science. Further investment in advanced manufacturing will not only boost our competitiveness and independence from overseas technologies, but also create opportunities for economic growth. I’m glad Activation Capital is receiving these resources from the government funding bill to invest in life sciences research, support skills training, and create jobs by helping startups grow and strengthen the regional economy,” said Senator Kaine.
The 2023 Omnibus spending package to support life sciences commercialization, training, and capacity building follows recent announcements by Activation Capital detailing a transformative $55.9M Build Back Better Regional Challenge award for the region and a $450K GO Virginia Region 4 Grant to design a regional entrepreneurship strategy.
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