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.
I think it defines the success of ICO due to the progress and also it will be listed in the exchange. Not that one also but the number of investors matter most because they will be the one who will pay for it. The platform of the project will eventually a way for the investors to choose what is good of the project.