As I known, ICO is a kind of risky investment. Similar to the IPO which is the form of invite for capital investment, but when buying IPO, investors can research the information about the company they invested, find out about official finance reports and be protected by law when joining. In contrast, ICO projects are often rather ambiguous and unprotected by government so the risk is so high for investors.
So how to evaluate a potential ICO project, look forward to receiving comments from you

In my own strategy to find out if that ICO has potentials is that I read their product, their team if the people of the team are real people and also I check their social medias if theirs a lot of events that the team really works for their project. Looking at their rating from icobench.com also help me to decide if that ICO has potentials .