How many people actually participate in the ICO stage of new alts? It would appear the obvious answer is a lot, considering the amount of money they raise. But isn't better to wait for the first storm to pass and then jump on after all the hoopla?
I think that the number depends on few factors: what is the minimum investment, do the ICO make an airdrop, do the ICO have a working product, do the ICO want to perform a KYC and few more.
The obvious correlations: lower minimum investment = most people, airdrop = even more people, KYC= a lot less people. But I think the quality here should be over quantity.