When used at the beginning of a sentence, this word is a variety of the 'filler' word basically. Another direct replacement for essentially is technically. Other filler words include like, just, and stuff and y'know, but they tend to be in the middle of or at the end of a spoken sentence. Filler words are rarely used in writing and are part of acquired speech.
Essentially, the leg bone is connected to the hip bone.
Replace the sentence with the less-wordy: The leg bone is connected to the hip bone
Essentially is a word that means essentially nothing. It is a word that dumb ass academic geeks like to use a lot to make them or their "discourse" seem "sophisticated".
If a geek wants his product or company or even himself to sound "sophisticated" he will overuse the word "essentially" to talk about his geeky product.
Ruler of Lake Titicaca. Rumored to have a bunghole that gets very angry if it does not receive toilet paper. Cornholio the Great is often seen walking around with his shirt over his head and his hands in the air, chanting songs about his power, and his bunghole.
"I am Cornholio! You do not want to face the wrath of my bunghole, for I need TP!"
Butthead: Shut up, Beavis! (uh huh huh huh)
Beavis: Um, okay. (heh heh heh heh).