Initiation factors are proteins that play a crucial role in the initiation phase of translation, helping to assemble the ribosome and position the mRNA and the initiator tRNA correctly for protein synthesis. They facilitate the binding of the ribosomal subunits to mRNA, ensure proper codon-anticodon pairing, and help recruit the initiator tRNA, which carries the first amino acid in the polypeptide chain. These factors are essential for ensuring that translation begins accurately and efficiently.