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.
honestly, think it depends on how much and how fast the fund raised into the ICO, because that terms can make the team and investor of the ICO optimists that projects will be running as expected. Faster the tokensale closed then im sure the projects will follow as in the roadmap