Design-based learning is an educational approach grounded in the inquiry and reasoning processes towards generating innovative solutions. The approach is known and proven to be effective in the context of learning natural sciences and engineering education. Thake into account that design cognition is also close to entrepreneurs to create opportunities and innovation, we adapt the design-based learning for entrepreneurship education in co-creation project-based learning. In this paper, we illustrate how we train nascent innovative entrepreneurs using co-design approach to foster innovative thinking (creativity, analyticity, intuition, flexibility of thinking) in the project-based learning format. Our exploratory research has revealed key characteristics of co-design project-based learning approach for nurturing of entrepreneurs in the digital age.