There are always some risks, as not every ICO collects even the minimum amount needed (soft cap) and in this case you don’t get anything. It's a risk you have to accept as a bounty hunter. You should approach the project from the investor’s point of view, since even if you don’t invest your money, you still invest your free time and your effort.
But, as others have already pointed out, you should wait until the end of the main token-sale phase. There is always a chance for the ICO to raise enough funds before the end of the campaign.