1. The project must have the product already working.
2. The project is supported by a team of developers and advisory team who have a clean and good track record.
3. The project has a detailed whitepaper.
4. Long-term plan.
1 Ico's purpose to help the development process of the working product. and the number one is wrong.
2 But about to catch some advisor just like a shady thing like what already happened with tezos to hire some poeple to hype the project.
3 I agree with it about the decent whitepaper and the structure of the whitepaper.
4 Transparency and active development seems to be another value rather than long-term plan.