Semiconductor heterostructures play a vital role in photonics and electronics. They are typically realized by growing layers of different materials, complicating fabrication and limiting the number of unique heterojunctions on a wafer. In this Letter, we present single-material nanowires which behave exactly like traditional heterostructures. These pseudoheterostructures have electronic band profiles that are custom-designed at the nanoscale by strain engineering. Since the band profile depends only on the nanowire geometry with this approach, arbitrary band profiles can be individually tailored at the nanoscale using existing nanolithography. We report the first experimental observations of spatially confined, greatly enhanced (>200x), and wavelength-shifted (>500 nm) emission from strain-induced potential wells that facilitate effective carrier collection at room temperature. This work represents a fundamentally new paradigm for creating nanoscale devices with full heterostructure behavior in photonics and electronics.