Aspire Food Group: First Recipient of the Richter Innovation and Social Entrepreneurship Program

MONTREAL and TORONTO, Feb. 19, 2015 /CNW Telbec/ - Richter is proud to announce the creation of the Innovation and Social Entrepreneurship Program – an initiative to help social entrepreneurs succeed in their mission of bringing innovative solutions to social problems. The Program aims to recognize and assist businesses that have demonstrated a positive impact on social, cultural and environmental concerns.

The Program is the product of an inspirational relationship between Aspire and Richter. Richter,  having recognized the potential of this young Montreal company, who is one of the world's most innovative social enterprises, proposing practical solutions to address the malnutrition faced by certain populations through the production of micro-livestock (i.e., insects), wanted to contribute to its growth. 

"The Richter Innovation and Social Entrepreneurship Program was created to unite Aspire's passionate management team with Richter's commitment to philanthropy. Giving back to the local community has always been part of Richter's values, the Program allows Richter to play a more active philanthropic role. As part of the Program, members of the firm will give time to entrepreneurs and will share their expertise and their business experience. Our role is to help them bring their vision to fruition by becoming an extension of their team," says Jennifer Rhee, partner at Richter and leader of the Innovation and Social Entrepreneurship Program.

As the first beneficiary of the Innovation and Social Entrepreneurship Program, Aspire will be receiving assistance through Richter's financial and business expertise over a three year period to help establish the operations of its specialized agricultural facilities. Richter will be working hand in hand with Aspire's team to accompany them in the next phases of their business lifecycle. "The launch of an enterprise involves numerous challenges and brings complex business parameters for which the appropriate tools can make a whole difference," adds Jennifer Rhee.  

"Richter has taken a practical business-like approach in helping us with accounting, tax and other financial matters. As a start-up, we run a very lean operation and they are helping to fill in gaps of financial knowledge and expertise that is critical to the success of our business," adds Shobhita Soor, Aspire.

About the Richter Innovation and Social Entrepreneurship Program
The Program consists in offering assistance with accounting, tax or other financial matters, at preferential rates, for a three year cycle, to a chosen social and innovative enterprise. Every two years, a new project will be selected. The next submission and selection of the next edition will starting in early 2016.

About Aspire
Aspire Food Group is a world-class social enterprise that specializes in farming insects for human consumption to address the malnutrition faced by certain populations. Aspire's project was created by five MBA students from McGill University as a result of their participation to the 2013 Hult Prize competition. This group of ambitious students competed with over 10,000 teams from around the world and won the first prize of US $1 million in seed capital. This important recognition marked the launch of their business.

The Hult Prize Foundation is a not-for-profit organization dedicated to launching the world's next wave of social entrepreneurs (http://www.hultprize.org/en/about/mission/). Each year, The Hult Prize Foundation, in partnership with The Clinton Global Initiative, sponsors a competition of college and university students around the world, challenging them to solve the planet's biggest problems with innovative ideas for sustainable start-up enterprises.

About Richter
Richter is a professional strategic accounting, business consulting and financial advisory firm. The firm has more than 500 members in its Montreal and Toronto offices. Founded in 1926, the firm provides a full range of consulting and advisory services in the areas of auditing, taxation, corporate finance, restructuring and insolvency, business valuation, litigation support, forensic accounting, and wealth management.

SOURCE Richter

Richter Montreal, Geneviève Benoit, 514 845-7071, [email protected]; Richter Toronto, Paul-Mark Rendon, 416 972-7784, [email protected]