The celebrity entrepreneur will confer the award of emeritus professor to Prof Thompson who he has worked to mentor and deliver lectures to enterprise students.
Emeritus professorships will also be conferred on retiring professors, social work professor Helen Masson and music professor Michael Russ.
Enterprise will also come to the fore when the university celebrates the success of local businessman Dean Hoyle.
Mr Hoyle will receive the award of doctor of the university from the university’s chancellor, Prof Sir Patrick Stewart. Mr Hoyle is a self-made millionaire who, along with his wife Janet, founded Card Factory, a chain of greeting card and gift stores, in 2006.
The pair sold the business in 2010.
A lifelong Huddersfield Town supporter, Mr Hoyle joined the club’s board of directors in 2008 and was appointed chairman in 2009.