Innovation and entrepreneurship is a spiritual attitude. With the dissemination and wide application of the concept and technology of “Internet Plus,” Internet Plus innovative thinking has had a strong impact on innovation and entrepreneurship education, such as teaching concepts, changes in teaching methods, optimization of teaching staff and curriculum systems, and resource sharing. Therefore, according to the actual needs of innovation and entrepreneurship teaching in colleges and universities, this paper combines the concept of Internet and college education with the help of machine learning algorithms to build a new education system. First, the article designs the overall platform architecture and core business processes and develops and implements front-end and various platform functions. The system includes different modules such as preschool skill diagnosis, online learning, stage testing and evaluation, information and resource sharing, team building and project implementation management, and so on. Then, the experiment shows that the precision rate, recall rate, and F1 value of the system are all high, indicating that the system is stable and efficient. Finally, it briefly expounds the development strategies of the Internet Plus education model under the influence of relevant systems, which will help students and teachers develop innovation and entrepreneurship theories and improve students’ knowledge quality. The combination of Internet technology and innovation and entrepreneurship teaching can make innovation education more in line with the current learning needs and promote the improvement of entrepreneurship ability.