You can use this list of questions to evaluate ICOs:
- Is it an asset-backed security?
Most exchanges require a securities license before they can list securities and most do not have it. Stay away from ICOs which are securities.

- Can this be replaced with a system similar to airmiles?
If the biz model can still work with a points system instead of tokens, then it’s a sign that they are just coming into cryptocurrencies to cashgrab.

- Is the blockchain required
If the infrastructure can work without a blockchain, then it’s also a signal that it is a cashgrab

- Are the team member resumes strong? - have they achieved things before, or are they still in university studying?

- Are they already in a successful business, got network and contacts to make it, see it through?

- Is there are strong business case?

- Do they have an idea which is implementable in reality? Can the concept be integrated in real life?

- Is there a monetisation model? Revenue / Cash flow?

- How easy or difficult is the entry barrier? Can it be easily copied?

- Does the model require tokenization to work?