Activation Capital Supports Health Innovation Consortium and Startup Virginia
Thursday, September 26, 2019
The Board of Directors of Activation Capital, with the support of Activation Council – representing stakeholders and entrepreneurs in the RVA innovation ecosystem – awarded up to $500,000 to Startup Virginia, the high-growth incubator located in Shockoe Bottom at the 1717 Innovation Center and up to $225,000 to programming and regulatory support for the newly created Health Innovation Consortium. These awards are supported through the Ecosystem Direct Investment Fund created December 2017. Since inception, the EDIF has awarded nearly $2 million to ecosystem support organizations.
“In this new economy, it is vital we continue to provide support to the acceleration of advanced-technology companies in Virginia. Startup Virginia is dedicated to helping founders and supporting the entrepreneurial ecosystem. Their record of early success is a main driver in our decision for continued support of their programming and startup growth,” said Carrie Roth, President and CEO, Activation Capital. “The Health Innovation Consortium is filling a critical gap in the ecosystem by focusing on early-stage ideas and programming to these health companies in support of making Virginia a hub for health innovation.”
Richard Wintsch, Executive Director of Startup Virginia, stated, "As an early-stage nonprofit startup ourselves, Activation Capital's early investment in Startup Virginia has been transformational. Since moving to the 1717 Innovation Center in March 2018, we've had a 264% increase in membership and over 3,000 program participants. This award will be instrumental for our growth as we continue to provide programming to our member startups and the community."
“Healthcare is one of the most difficult fields in which to innovate. The HIC initiative is designed to eliminate many of the hurdles in the early development and commercialization process. By bringing key partners to the table, promising innovative opportunities can be de-risked and developed agilely, creating value in the HIC that will attract talent and innovation from around the nation and the globe,” said Nicky Monk, Director, VCU Ventures. “The support provided by Activation Capital will allow us to expand our support to those inventors and founders with innovations that can improve health.”