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.
Successful ICOs are when they have a great team and great ideas. It's like a newly formed company, it needs a good team to handle things quickly and the idea must be different to attract investors.
Investors need the difference and the work experience of a startup group. This is a valuable foundation to make the ICO project successful.