创办 (chuàng bàn) specifically means to establish or found an organization, institution, or enterprise — it is the go-to word for starting a company, school, or newspaper. Unlike 建立 (jiàn lì), which is broader (can set up relationships or systems), 创办 is limited to formal entities. It is very close to 创建 and 创立, but 创办 is more concrete and commonly used in business contexts.