To start a project select New Project from the (+) menu in the first sidebar. You must set the project name.
A hunt statement is optional. Anything you enter in this field will be displayed in the site header whenever you are visiting a page related to this project.
The participation details are important if your project will have participants and you require their agreement to a release form (or NDA, compensation form, etc.). The compensation amount and general description of the project can be automatically included in the agreement form, so that you can have an agreement template that will work for various projects and participants.