founding vs commencement

founding and commencement both are nouns.

Word	Noun	Adjective	Verb	Adverb
founding	Yes	No	No	No
commencement	Yes	No	No	No

As nouns, commencement is a hypernym of founding; that is, commencement is a word with a broader meaning than founding:

founding: the act of starting something for the first time; introducing something new
commencement: the act of starting something

Other hypernyms of founding include beginning, start.

founding (noun)	commencement (noun)
the act of starting something for the first time; introducing something new	the act of starting something
	an academic exercise in which diplomas are conferred
	the time at which something is supposed to begin