The Improv Institute was an improvisational comedy company in Chicago from 1984 until 1994. The mainstage show was improvised following audience suggestions. The troupe had two storefront-theaters, both on West Belmont Avenue on Chicago's North side, first at 2939 W. Belmont (1984–1990), and later at 2319 W. Belmont (1991–1994).
Many theatrical productions had their debuts at the Improv Institute, including Flanagan's Wake on March 19, 1994.
The Second City producer Kelly Leonard has stated that the Improv Institute was "my favorite place to see improv, other than The Second City." - Chicago Tribune, January 15, 2004