Volunteer Innovation Act This bill creates a new pay-for-results pilot program within AmeriCorps that allows for the private funding of national service projects in exchange for payment of federal funds upon successful project completion. Eligible entities selected to participate in the pilot program must use AmeriCorps participants or volunteers for a national service project and must finance the entire up-front cost of the project. A participating entity must agree to achieve some desired outcome through the project. A participating entity that achieves the desired outcome will receive a grant from AmeriCorps in a negotiated amount that is less than or equal to the value to the federal government of the outcome. An entity that does not achieve the desired outcome on a project is not eligible to receive federal funds under the bill.