innovation vs commencement

innovation and commencement both are nouns.

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

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

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

Other hypernyms of innovation include beginning, start.

innovation (noun)	commencement (noun)
the act of starting something for the first time; introducing something new	the act of starting something
a creation (a new device or process) resulting from study and experimentation	an academic exercise in which diplomas are conferred
the creation of something in the mind	the time at which something is supposed to begin