Treasury x IPO

Hello again!

I’ve watched Charles Hoskinson’s 2017 video. He explains on it that ADA uses a Treasury feature to avoid the need of creating new tokens to do IPOs.

But I didn’t understand how this Treasury will replace tokens creation and IPOs. I see that some projects that become very popular and get enough votes will receive ADA from the Treasury. This for sure will save some IPOs.

But what about projects that don’t get enough votes? Won’t they still need their token and an IPO? Let’s say, how many projects will be funded per year using Treasury?