I believe that no on should invest if there is no product of ICOs. The reason is that there is higher risk of failure. Most likely this could be a scam. And you're investment will only be taken from you with no guarantee of return. Never trust an ICO that does not have any product or sense in their goals and objectives.
If ICOs don't have any working products usually they just a scam, how to proliferate ICO's without the working products they are just playing investors money until such time that the value become Zero. Working products is very essential in any project because the profit of the said project will make coins more valuable.