Education and Workforce Innovation Act

Education and Workforce Innovation Act - Directs the Secretary of Education to carry out a five-year pilot program to award grants to eligible entities to carry out programs that provide direct skills and job training for individuals to enter and advance in high-growth, emerging, and in-demand industries, such as skilled labor and trade industries.

Defines an "eligible entity" as a private company involved in the manufacturing, production, or technology industries, in partnership with a junior or community college, postsecondary vocational institution, or secondary school.

Authorizes such an entity to use such a grant to develop and carry out a multiyear program to provide students enrolled in such a college, institution, or school with education and training to enter and advance in such industries, by providing: (1) customized training, (2) increased productivity and knowledge transfer, (3) a stable and predictable pipeline to a high-standard of employment upon graduation, (4) a proven model of success, and (5) an opportunity for career advancement.

Requires an eligible entity that is awarded a grant to provide matching funds from non-federal sources.

Directs the Secretaries of Education and the Treasury to administer a five-year pilot program under which qualified investors enter into a pay-for-performance agreement under which they will provide funds to service providers to carry out workforce training programs that increase trade certifications or apprenticeships for unemployed individuals or dislocated workers.