Institute
Part of speech: verb
Definition: to begin or initiate something
Part of speech: noun
Definition: An organization founded to promote a cause An institution of learning; a college, especially for technical subjects The building housing such an institution
Example sentence: While I was trying to save money to go to the National Institute of Dramatic Art in Australia I ended up getting all of this experience which meant that by the time I had enough money in the bank to go to school I didn't really need to go to school anymore.
Institution
Part of speech: noun
Definition: An established organisation, especially one dedicated to education, public service, culture or the care of the destitute, poor etc.The building which houses such an organisation.A custom or practice of a society or community - marriage for example.A person long established with a certain place or position.The act of instituting.