Real Dictionary

institute
countable noun: An institute is an organization set up to do a particular type of work, especially research or teaching. You can also use institute to refer to the building the organization occupies.

institute in American English
to set up; establish; found; introduce
noun: a society or organization for carrying on a particular work, as of a literary, scientific, or educational character
transitive verb: to set up; establish; organize

institute in British English
to organize; establish
noun: an organization founded for particular work, such as education, promotion of the arts, or scientific research