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.
Thank you for your simple question that is the great Dilemma of our crypto-enthusiast community and that it will have several opinions from every point of view.
I believe that an ICO is successful when it offers its fully functional project at least in the medium term and that the Token price does not lose its price and value.