If you start a business and ask the bank for $10m they will throw you out on the street. ICOs should set a much lower and realistic softcap, even $1m or $2m is enough for most of these projects in the ANN thread.
Do you think they really need millions of dollars for a team to develop a program and then market it afterwards?
There is no threshold for an ICO project to start. The problem is that if you want to make it successful, you need to spend a lot of time and energy to promote it.