In obsolete terms the difference between institute and set
is that
institute is established; organized; founded while
set is to value; to rate; used with
at.
In transitive terms the difference between institute and set
is that
institute is to begin or initiate (something); to found while
set is to render stiff or solid; especially, to convert into curd; to curdle.
As a proper noun Set is
an ancient Egyptian god, variously described as the god of chaos, the god of thunder and storms, or the god of destruction.