transitive verb
Definition 1
Set up, establish.
Source: Concise Oxford Dictionary
Context: Such plans will move the group further from its origins under Marc Rich, an oil trader who founded the business under the name of Marc Rich + Co in 1974, and sold to management in 1993.
Source: Financial Times 08/07/2010 (Javier Blas)
Definition 2
Construct, base (tale, one's fortunes, classification, rule, etc.) on or upon some ground, support, principle, etc.
Source: Concise Oxford Dictionary
Context: "This new program is founded on the principle that quality education in business management is based on a tripod of academic rigor, business acumen and culturally-aware teaching prowess," says Nancy Armstrong, director of studies at Grenoble.
Source: Financial Times 27/04/2010 (Della Bradshaw)