What do you think is a better definition of success in an ICO? The amount it raises or whether the token is ultimately listed on an exchange?
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3163849 "Are Blockchain Crowdsales the New 'Gold Rush'? Success Determinants of Initial Coin Offerings"
This paper argues eventual trading status is more important.
Hitting up hardcap and listed on exchanges is indeed considered to be a successful ICO but if we do really mean or dig in deeper the true meaning of success then it would matter on how the project is doing, if it totally followed its project plans or road map on makingg such development.If it does then i would say this would really be a legitimate one because there are lots of coins in the market seems like to forget on what they do promised when they are still on funding state.