the radio buttons in the upper section of the screen allow you to choose whether you would like to start with a blank untitled timeline and gallery when dpsvelocity is launched, or whether you would prefer to see a selection window which allows you to start a new project or load a previously saved project to continue working on.
if you wish to change the settings on this screen later, the same options are found on file ] preferences ] general ] startup options in the main menu.
if you choose to open a new untitled project each time dpsvelocity is started, with a blank timeline and a blank gallery, and do not check any of the buttons in the lower half of the screen, a default folders window will open. (if you check the place default folders within project folders button, this screen is not needed and will not appear.)

these settings are always available under file ] preferences ] general ] project folders in the main menu or click the project folder button in the toolbar at the top of the timeline.
your default folders are the places where media for this project (or media that may be shared between all projects) is stored. select a folder in your system drive, where audio, titles, stills, etc. may be stored. select a folder in your media drive, where dps files may be stored.
at this point, the untitled project is opened and a media folder is created in the location you specified (for example d:\clips\media - if possible do not use the c drive).
if you choose to be prompted at startup you will see a window with a new project and a load existing project button.