One of my friend gave me a list that he consider when selecting an ICO. Here those are.

- check about tokenmetrics and the marketcap/hardcap
- check the team and advisors(whether they are having any blockchain expertise and exposure)
- check the community strength and marketing plan
- check the status of the product prototype (alpha, beta, showcase, etc.) and road map.
- check the status of influencers (Not paid shillers)
- check the communication strengths and transparency
- check whether the application is a viable one without ambitious claims
- check the whitepapaer well structured and written
- check the eco system and status of investors
- check whether the project really needs a cryptocurrency as a driving fuel.
- etc.

I hope this will help you