Young graduates from the University of Bradford are to be offered tips on setting up new businesses as part of a project to encourage them to stay in the district.

Yorkshire Forward is backing an open day on Wednesday which aims to improve the level of graduate retention in the district.

The event will feature a range of business support agencies and experts offering advice to young people about the skills needed to set up their own firm.

It is part of the University of Bradford's Think Business@Bradford project which secured £350,000 in funding earlier this year. Run in conjunction with the universities of Leeds and Huddersfield and Leeds Metropolitan University, it aims to develop and deliver an undergraduate enterprise learning and graduate start-up programme.

Wednesday's event at the university's Richmond Building will feature talks on business plans, tax implications and legal advice, as well as information on financing postgraduate study and course options.

Students will have the chance to meet recent graduates who have started their own businesses and pick up specialist career publications. And at the 'Zoom-in Caf' there will be a series of informal, short talks by experts in various fields.

Susan Johnson, business development director for Yorkshire Forward, said: "New businesses are essential to efforts to create new wealth and Yorkshire and Humber needs more of them.

"Young people should believe in themselves and be aware of how to start up a business or social enterprise."

The programme aims to build on the success of a number of recent graduates including Wayne Hanley, who founded Phreakware Limited, a firm specialising in high performance and custom computing.

Following great success, the company expanded into selling pre-built performance systems to home and businesses which want state of the art office equipment for the office. There are now several related companies under the 'Phreak' umbrella.

Other examples have included a text messaging firm and company which specialises in websites and video production.

Businesses taking part in the fair include Asian Trades Link, Inland Revenue, Invest in Bradford, Barclays Bank, Havelock Training, Institute of Chartered Accountants, Business Link, and Bradford Wastechasers.

Andy Duley, the University of Bradford business development manager, said: "The university is committed to promoting self-employment and business start-up to our students. The fair is designed to increase awareness of self-employment as an option for graduates and put them in contact with the people who can help them."

The event is split into a self-employment section, running from 11am to 3pm, and a postgraduate fair, from 11am to 6pm.