The organization hopes that the institute will help U.S. companies remain competitive with others around the world and that more technical jobs will be filled by U.S. workers.
IEEE-USA represents engineers, including those working in IT.
Ralph Wyndrum, president of IEEE-USA, said his organization will hold a workshop for faculty in July. The institute is currently recruiting technology innovators to teach there.
At the same time, IEEE-USA plans to ask companies to nominate students for the institute, he said.
The ideal student, said Wyndrum, would be a young advanced-degree holder who is already considered to be among the most prolific of a company's product developers and patent holders.
The classes should include students who "really have potential and let them learn from one another," he said.
The program is part of IEEE-USA's larger effort to help engineers maintain relevant skills and minimize the risk of losing their jobs to offshore workers, said Wyndrum.
"We are advertising and making it clear that members are responsible for their own careers and that they better start upgrading themselves," said Wyndrum, a former director of technology at Bell Laboratories, which is now part of Lucent Technologies Inc.
IEEE-USA began offering online courses last year to help engineers upgrade their skills after many companies stopped offering training for midcareer employees.
The start date for the program has not yet been announced.