Some students from McGill University, Canada, have won $1 million to pursue their project that aims to improve the availability of nutritious food to rural dwellers worldwide by providing them with flour made from insects - crickets, grasshoppers, etc. They are: Mohammed Ashour, Shobhita Soor, Jesse Pearlstein, Zev Thompson and Gabe Mott. They were presented with the social entrepreneurship award and $1 million in seed capital by former U.S. president Bill Clinton in New York City Monday evening at the Clinton Global Initiative’s annual meeting.
They plan to farm insects, crickets especially, grind them and mix the fine powder with choice flour - for bread, doughnuts, etc Ashour explained to CBC News, “It is essentially flour that is fortified with protein and iron obtained from locally appropriate insects.”

Soor said people in many of the countries they are targeting already eat insects - Mexico, Ghana, etc.
“There really isn’t a ‘yuck’ factor,” she added. The type of insect would be chosen based on local culinary preferences.
The insects would be mixed with the most common type of local flour, whether it be made from corn, cassava, wheat or something else.

Culled from CBCnews. http://www.cbc.ca/news/technology/flour-made-from-insects-wins-1m-for-mcgill-team-1.1866685

I remember as a kid hunting crickets with my cousins and friends in the village, barbequing and eating them (of course with garri ). We call them 'ire' or tata! How come I never thought of extracting proteins and iron from them by mixing them with flour? Brains!!!