First of all, don't risk more than you can lose.  ICO and ITOs are very speculative, and if you look at the statistics from last year, over half of them have already failed.

There really isn't currently much of an objective standard to evaluating ICOs, but in general, I suggest you look at them like you would any other investment.

In time, standards will come, but for now you have to be extremely careful and do research.  Also be aware that your legal recourse may be limited if you lose funds.  This is an emerging area of securities law in most places in the world.

Be very careful about marketing "hype".  The best projects may be hidden gems, and the projects hyped the most may be trash.  It's not always that way, but I've seen some pretty bad projects sell out their ICOs quickly while other projects that in my view had much better potential/plan struggled.

None of this is actual investment advice, and if you're really wanting an opinion, a qualified investment adviser is the best source of information (even though most know nothing about ICOs, there are some that do).

I personally believe in currencies that are multipurpose (like Bitcoin/Ethereum/Zcash/etc.) as opposed to limited purpose tokens, but I recognize that tokens are an important funding vehicle for great businesses.  I don't view currencies as investments though, I believe they're the same as dollars, euro, or yen, just going through the type of appreciation that is typical of a technology adoption curve.  At the same time, those fiat currencies are losing value through inflation, so it creates the "feel" of an investment.  But you could look at fiat currencies in the same way because of their relative value against other currencies changes.  But they are not investments, and eventually, I believe Bitcoin and other true cryptocurrencies will be treated as a currency as opposed to an investment.  That's not the case right now in the U.S. for tax purposes, but it's a goal I support and advocate for.

Best of luck with your ICOs, make sure to do research and once again, my personal (not investment advice), never risk more than you can afford to lose.

Best regards,
Ben