A model for incorporating an entrepreneurship module has been developed in an upper-division and graduate-level engineering elective on Polymeric Biomaterials (27-311/42-311/27-711/42-711) at Carnegie Mellon University. A combination of lectures, assignments, and a team-based project were used to provide students with a framework for applying their technical skills in the development of new technologies and a basic understanding of the issues related to translational research and technology commercialization. The specific approach to the project established in the course, which represented 20% of the students' grades, and the grading rubric for each of the milestones are described along with suggestions for generalizing this approach to different applications of biomaterials or other engineering electives. Incorporating this model of entrepreneurship into electives teaches students course content within the framework of technological innovation and many of the concepts and tools need to practice it. For students with situational or individual interest in the project, it would also serve to deepen their understanding of the traditional course components as well as provide a foundation for integrating technological innovation and lifelong learning. © 2010 Wiley Periodicals, Inc. J Biomed Mater Res Part A:, 2010.