Education and Workforce Innovation Act This bill directs the Department of Education (ED) to carry out a pilot program to award grants to eligible entities for 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. The term "eligible entity" means 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. An eligible entity shall use grant funds for a multiyear program to provide students with education and training to enter and advance in such industries, by providing: (1) customized training valuable to such industries, (2) increased productivity and knowledge transfer, (3) a stable and predictable pipeline to a high standard of employment upon graduation from the program, (4) a proven model of success, and (5) an opportunity for career advancement. The bill also directs ED and the Department of the Treasury, jointly with an advisory panel of business representatives, to administer a five-year pay-for-performance pilot program to raise funds from investors to cover the cost of a workforce training program that increases trade certifications or apprenticeships for unemployed individuals or dislocated workers and meets other specified requirements.