The adjective innovative emphasizes the introduction of something new. It is similar to the adjective creative insofar as it deals with originality, but innovative is far less likely to describe artistic endeavors, such as painting or writing. It is more at home in the world of technology and business-oriented problem solving, likely influenced by commercially oriented uses of the noun innovation to refer to new products introduced on the market, or the act of introducing new products.
The verbs start and launch are both used to talk about setting something into motion, but launch implies movement of a bolder or more sudden nature. Material objects that are launched (rockets, missiles) are sent out with some force. This sense of blasting or bursting forth is carried over into the launching of things immaterial, such as campaigns, initiatives, or careers. Additionally, a person who launches into speech or action plunges right in, again suggesting a boldness or forcefulness that would be lost if they were to start to speak instead.
The verb establish implies making something new more stable and enduring. The verb enact also creates permanence, but it does so primarily via legislation. To enact something is to make it into law—in fact, bills introduced by Congress begin with the phrase “Be it enacted.” Drawing on a different sense of act, enact can also mean to represent on or as on the stage, as in a performer who is enacting Hamlet. But in the saga of the English language, this sense plays merely a supporting role.