A multi-year, goal-oriented entrepreneurial experience related to nanotechnology products and outreach has been established at Michigan Technological University within the university's successful Enterprise Program. The mission of Nanotech Innovations Enterprise is to engage students in a comprehensive, hands-on, entrepreneurial educational experience, including management, market research, technical research, product development, service, outreach and education related to nanoscale science, engineering and technology. This paper describes the implementation and progress of the enterprise during its first five years of operation. A brief discussion of some lessons learned is presented.