London — Richard Branson plucks a dried grasshopper from a jar, takes a bite and pronounces the insect surprisingly tasty before slurping down a vegan yoghurt and offering to test the concoction on Virgin Atlantic Airways flights.

The UK billionaire, a serial creator of companies spanning record labels to airlines to fizzy drinks and bridal gowns, is in his element. He’s meeting with fellow entrepreneurs at a “Pitch to Rich” session in Israel, where the contest’s winner gets a business-class flight to London for a week of hot-housing at Virgin’s own innovation hub...

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