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.