Project VITAL Initiative brings together BioTech accelerators and research universities to power life sciences entrepreneurship
RICHMOND, Va., March 12, 2025 – The Central Virginia region is continuing to expand its BioHealth entrepreneurship and community development activities thanks to a multimillion-dollar award from the Commonwealth’s GO Virginia economic development program and close partnerships between the Virginia Biotech Research Park Authority (VBRPA), its nonprofit affiliate (Activation Capital), Virginia Commonwealth University, Richmond’s GROW Capital Jobs, and area economic development organizations. The award will add a vital business component to the state’s existing biotech ecosystem to bolster the success of high-potential, early-stage life sciences companies.
This project was funded in part by GO Virginia, a state-funded initiative administered by the Virginia Department of Housing and Community Development (DHCD) that strengthens and diversifies Virginia’s economy and fosters the creation of higher-wage jobs in strategic industries. GO Virginia approved a $14.3 million funding package to three Virginia biotech accelerator organizations in response to a multiregional proposal called “Project VITAL: Virginia Innovations and Technology Advancements in Life Sciences.” Each organization is collaborating with nearby research universities to build on biotech research and expansion in their regions.
VBRPA-Activation Capital received $5 million of the award which will be used to provide regional BioHealth startups with operational support, acceleration programming, and event opportunities to showcase their technologies. The award also creates “soft-landing” opportunities for startups interested in locating in the Richmond area and “space-making” to enhance the lab and co-working facilities available to startups in the Bio+Tech Park.
VBRPA-Activation Capital’s work will also create an inventory of regional BioHealth intellectual property and startup companies that will be used to track pipeline and growth metrics quantitatively. Building a regional network of advisors and practitioners to work with the startup community to develop technologies will benefit end-users and advance business success throughout the region.
“GO Virginia’s investment in the Richmond area will help further accelerate growth of the startup community,” said Jim Pannucci, vice president of entrepreneurship and ecosystem development at VBRPA-Activation Capital. “A robust portfolio of BioHealth companies will add to the Advanced Pharmaceutical Manufacturing hub that anchors the region’s technology engine.”
“We are pleased that GO Virginia is at the forefront of leading the Commonwealth’s Bio industry growth and I’m confident Project VITAL will be instrumental in creating new investment and job creation in this burgeoning sector,” said Wilson H. Flohr, CEO of GROW Capital Jobs Foundation. “The GROW Capital Jobs Region 4 Council has been involved in overseeing this project from start to finish, and they recognize the importance this initiative can play in the economic growth of our state.”
About Virginia Biotechnology Research Partnership Authority
The Virginia Biotechnology Research Partnership Authority (“Authority”) is a political subdivision of the Commonwealth of Virginia. 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.
About GO Virginia and GROW Capital Jobs:
GO Virginia is an initiative by Virginia’s senior business leaders to foster private-sector growth and job creation through state incentives for regional collaboration by business, education, and government. For more information, visit govirginia.org.
GROW Capital Jobs Foundation is the support organization for Region 4 of GO Virginia, a statewide initiative to improve the Commonwealth’s economy by increasing the number of high paying private-sector jobs. Higher-paying jobs are a leading indicator of overall business growth and development. For more information, visit growcapitaljobs.org.