Bitcointalk ANN Thread:
It is very important factor to be considered before investing in ICO. What you should look for? In order to check your preferred ICO is scam or not, apart from reverse engineering, this should be applied. Open ann thread and search in comments SCAM word within ctrl+F. Evaluate it the reason behind someone's SCAM comment.

Team:
Many good ICO's had red flag because of this factor. In this section, you are supposed to find team member's bio would not be exactly as stated. For example, Seele project had red flag in team member's profile section. A member was university's professor while in real, he was not(something like that)

Cap:
Projects having unlimited or large hardcap are not worthy in my opinion. Apart from that, ico with large bonus to pre-sale participants should be avoided. It can not be scam, but possibility of dumping is high and it will result into proce decrement. Ex, Experty.

MVP:
This is something you should always look for. If project does not have one and it is stated in roadmap, it is going to a lot of time. Perhaps, it might be scam or product on paper.

Allocation of fund:
There are many projects that conduct ICO without having clear plan expenses of the funds collected. Often it is just a description of the development plan without further details. The more all the costs are spelled out, the more investors have reason to trust such projects.