The paper is about how a US university was able to implement content in an especially-designed engineering course to bring about awareness by engineering students of the critical and current topics of innovation and entrepreneurship. The need for such an awareness is specifically stressed by key organizations such as the National Academy of Engineers (NAE) and the Accreditation Board for Engineering and Technology (ABET). The course that housed th content was especially designed to target other issues in which innovation and entrepreneurship fit in, e.g., the nature of the knowledge-based economy, characterized by huge and rapid technological leaps and its effects on the engineering profession. The nature and need for innovation, the various kinds and advantages of entrepreneurship and business models associated with it were included. Other parts of the course covered complimentary topics to innovation and entrepreneurship such as working in teams and self-awareness in today's professional environment. Exercises affecting the ability to formulate and conduct a debate concerning innovative engineering concepts were part of the course. This paper describes the course design, content and rubric that were used to assess the course outcomes regarding innovation and entrepreneurship, as well as the results of the summative self-assessment of the students. In general, the results show that the vast majority of students agreed that the course had been effective is teaching and making them aware of the two critical contemporary issues, innovation and entrepreneurship, for the graduating engineers.