The £20 million government-backed body will allocate funding to between five and ten groups of organisations which can present a clear programme to improve access to digital skills, and boost graduate employability and outcomes.
To qualify for the Future Projects Fund groups must include at least one university or college with an existing computer science or IT course, and at least one industry partner.
IoC director Dr Rachid Hourizi said that gaining access to high quality education and training is absolutely critical to tackling the UK's digital skills shortfall.
He added: "The IoC's new fund will enable academic institutions and industry organisations to work together, developing cutting edge education to promote digital excellence and improve the technical skills for a new generation of workers.
"This initiative is the latest in a wide array of activity from the IoC to launch new services and spread digital skills across the country."
The groups need to focus on innovative approaches to digital skills education for fields in which the wider industry faces shortages, while showing evidence the programme will improve student and graduate employability.
The plans must also demonstrate universities have engaged with employers to design curriculums around the industry - and that female students, or those from ethnic minority backgrounds, are being actively encouraged to take up digital skills.
Sheila Flavell, chair of the IoC's industry advisory board and chief operating officer at FDM, said: "This new fund provides an exciting opportunity for the creation of high quality STEM courses for the next generation of graduates. At a time when the UK's digital industry is playing such a vital role in economic growth and job creation, it's absolutely critical that we extend access to technical education to as many young people as possible, from all walks of life."
Earlier this week, the Government set up a separate scheme designed to encourage people from under-represented groups to become tomorrow's tech stars as part of a push to improve diversity in the digital economy and address local skills shortages.