The Collaborative International Dictionary of English v.0.48:

Inauguration \In*au`gu*ra"tion\, n. [L. inauguratio a beginning:
   cf. F. inauguration.]
   [1913 Webster]
   1. The act of inuagurating, or inducting into office with
      solemnity; investiture by appropriate ceremonies.
      [1913 Webster]

            At his regal inauguration, his old father resigned
            the kingdom to him.                   --Sir T.
                                                  Browne.
      [1913 Webster]

   2. The formal beginning or initiation of any movement, course
      of action, etc.; as, the inauguration of a new system, a
      new condition, etc.
      [1913 Webster]

WordNet (r) 3.0 (2006):

inauguration
    n 1: the act of starting a new operation or practice; "he
         opposed the inauguration of fluoridation"; "the startup of
         the new factory was delayed by strikes" [syn:
         inauguration, startup]
    2: the ceremonial induction into a position; "the new president
       obviously enjoyed his inauguration" [syn: inauguration,
       inaugural]