Richard was part of the investor panel on the BBC TV show Dragons Den for its first two series, and has previously founded and sold ITAL Computer and Visual Software.
As well as currently being co-founder of Cambridge Angels and Trutap, Richard is the driving force behind School for Startups an organisation that creates education programmes, events and online support for budding entrepreneurs .
Having been questioned by police in January in relation to the accusations, Richard will now appear before City of London Magistrates Court in October for charges he has repeatedly denied.
If found guilty, it will serve as an embarrassing situation for prime minister David Cameron who recruited Richard in 2012 to produce a report on how apprenticeships could be improved in the UK. Before that, Richard produced a separate report for Cameron while he was serving as part of the opposition, and was also part of a Cameron-led trade delegation to southern Africa in the summer of 2011.
In a statement, Caroline Hughes, form the Crown Prosecution Service, said: Having completed our review, we have concluded that there is sufficient evidence and it is in the public interest for Douglas Richard to be charged with three counts of sexual activity with a child and one count of causing or inciting a child to engage in sexual activity.
Back in 2011, he was also drafted in to aid the Welsh government in efforts to support entrepreneurs establish online businesses.
His other business endeavours, according to his LinkedIn profile, have included serving as an executive at VentureNavigator and president and CEO at Micrografx. He is a member of the Royal Society of Arts and holds a Queens Award for Enterprise.
In a statement made around the time of the original enquiry, Richard commented: “I absolutely deny the allegations made about me. It would be inappropriate to comment further given that the police are at a very early stage of their investigation.”