Solution
The error -1074397163 indicates that the IMAQ Init VI is finding it difficult to identify the correct Interface name.
The first step would be to check that the interface name matches with the one assigned to the camera. This can be done by checking under the tab "Device and Interfaces" in NI Measurement & Automation Explorer (MAX). Please see below:
However please note that if the name matches and the error is still occurring, this could be due to IMAQ only working with NI Devices.
If you are using 3rd Party devices, consider using the IMAQdx VI. Although both VIs look the same, each are developed for different devices. Please see below for the comparison: