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 both. Because without one them the ico could not reach success. For example, without raised in crowdsale the ico token could not list in the market or exchange. And also if the ico raised much but its not listed in exchange because of team or other reason, we can not say its success ico. So both of them is reference and can not be separated.