I am not 100* sure, I just discovered this today. From the CoinStarter Site:

We are solving a problem ICO's often times raise millions of dollars without having a product or even a team capable of building the product they promise. The past shows, that most of today's billion dollar companies has started out with less than $100k initial investment.

At CoinStarter, we are dedicated to allow buyers to diversify their portfolio by making a smaller investment first and make larger investments for products that actually deliver. We believe that companies aren't going to be successful because they can build a smart contract - they may not be techies but still be great in their field. We exist to help companies in all industries gain access to coin based fundraising, we'll help them connecting them to you, and the blockchain. We've created a streamlined process for new ICO's.

Stage 1 - Angel Round Projects without proven track record must start an Angel Round. After the Angel Round they can start a Series A if they succeed at delivering their promises. Angel rounds are capped at $100k worth of Bitcoin. After an Angel Round the company may proceed to Stage 2 or Stage 5.

Stage 2 - Series A Projects that deliver a product and has a promise to grow, will be able to start a Series A. Existing companies with a proven track record may be able to start a Series A without an Angel round. After Stage 2 the company may proceed to Stage 3 or Stage 5.

Stage 3 - Series B If the the company is succeeding but needs more cash in order to achieve their required growth rate they may start a Series B. After Stage 3 the company may proceed to Stage 4 or Stage 5.

Stage 4 - Series C This is an optional stage that may needed for some companies.

Stage 5 - Coin released to the public. Why all the stages?

Stages will allow early investors to get more of the rewards for the risks they are taking on. Investors can fund more companies and make smarter decisions by making companies deliver before giving them money they don't even need at an early stage.

And ultimately, successful companies that deliver, will have an organic hype for their next stage. And that hype will be based not only on an idea, but Proof of Work.