Can Smartsheet create a new project with the completion of a form?

I couldn't find a good answer amongst the posts already in the community but perhaps I wasn't searching in the right fashion.

The way that my team has project intake setup is that once a new form is completed, it feeds the form information in to a sheet which is a pretty standard action. What I'm wanting Smartsheet to do is to automatically create a new project in a "new project" folder with some basic information already copied into the project as it came into the intake sheet. The idea is that when we assign a new project to one of our project managers, the project is already created and they can begin working it instead of having to manually pull a template down and inputting various data that already exists elsewhere.

Does this functionality exist?