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See Project Lifecycle Task Force Issue 8
All new projects proposed to the TSC start in Incubation upon approval. The Incubation exit criteria do not depend on any specific amount of time having been spent in Incubation. As soon as a project meets the Incubation exit criteria it can move to Active status. However, it is practically impossible for some of the criteria to be met at the time of approval (for one thing the repo and mailing list will need to be created but also it will take some time to establish the project and build a community within Hyperledger). Projects should therefore expect to spend some time in Incubation before being able to graduate to Active status although this does not necessarily need to be very long.
The same goes with the first major release.
Include any tasks here that need to be completed once the decision has been approved by the TSC