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.
And who will need project that have raised low funds and\or have a bad idea? From what trader should repelled in decision-making and analysis then? In my opinion should be both. Without collected funds and good ideas(that are connected), the coin will only be fit for a one-time pump.