Bosses of new companies in the West Midlands can benefit from a new support package that aims to get firms through their early days.

It is estimated that 50 per cent of companies fail in their first year and a new 12-month business support programme, accredited by the University of Warwick, is being launched to give entrepreneurs a hand.

Online package Business Life will be formally unveiled at an event at the University of Warwick Science Park’s Venture Centre on Thursday.

The website features educational material and templates for business documents with flexible online learning and mentoring from leading professional advisers.

A pilot scheme was run in Oxfordshire and received a 95 per cent approval rating with many businesses saying it helped them through the difficult first year while 86 per cent of the companies on the programme survived the first year.

The breakfast event will begin at 8.30am and will include presentations from David Rowe, the chief executive of the University of Warwick Science Park, and Professor Roger Mumby-Croft, of the Warwick Business School.

Mr Rowe said: “It’s a fact that many new businesses fail in the first few years even during the boom times but that needn’t be the case.

“This new programme is being launched to help start-up companies through the early days with simple, easy-to-access help and advice. The learning takes place online so company bosses can work on it in their own time.

“When you are starting out in business, you don’t tend to want to concentrate on learning, you want to go out and win clients and run the company.

“But by following this expert advice and learning programme it will mean new businesses have the flexibility through this programme to do both.”