In my opinion, IPO is stage where by a private company lists stock on exchanges for the public, usually smaller private companies willing expand and improve their business and services. The company should as well provide liquidity. Investors buy in the aim of making profit.

Similarly, an ICO is stage whereby a company raises funds for a newly created cryptocurrency. The company should bring forward idea of the project in order to convince investors, in this case whiterpaper, technical document and the roadmap.

Early investors get bonuses, and funds will be used to develop the project further.