The phrase "is founded" implies the concept of a beginning or initiation. Synonyms for this term include "established," "created," "started," "initiated," and "instituted." Each of these terms suggests the formation or foundation of an entity or idea. "Established" indicates something that has been set up and is now in operation. "Created" denotes a concept or object brought into existence. "Started" implies the beginning of an action or process. "Initiated" connotes the start of a project or process. "Instituted" suggests the formal creation of an organization, system, or procedure. These synonyms convey the idea of the inception of something new and significant.