For any project to be launched successfully and get a sponsorship, it should follow the following six steps:

Step 1: Create a detailed business case for everyone to know what the exact the business requirements are. It will be the foundation of the project.
Step 2: Do a Feasibility Study to determine the solutions for the business requirement.
Step 3: Create the Project Charter composed of information from the business case and feasibility study
describing the new project and its vision, objectives, scope,project team and implementation plan.
Step 4: Define your Project Team by assigning the project manager who has the responsibility of recruiting the project team.
Step 5: Setting Up a Project Office where the project will be managed. It must provide all the premises, tools, material and equipment for the team members.
Step 6: Review the Initiation Phase. After everything is in place, it is necessary to review this phase to ensure nothing was missed to get the approval from all stakeholders.
After the initiation phase is complete and you can move on to the next phase i.e the Planning phase of the project.