incipiency vs commencement

incipiency and commencement both are nouns.

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

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

Other hypernyms of incipiency include beginning, first, get-go, kickoff, offset, outset, showtime, start, starting time.

incipiency (noun)	commencement (noun)
beginning to exist or to be apparent	the act of starting something
	an academic exercise in which diplomas are conferred
	the time at which something is supposed to begin