First of all, you have to investigate well what an ICO is, what it is used for and what technology is necessary for its operation, when you know everything you can, its time to see ICOs projects that interest you, when you have a project in mind, read the whitepaper well, it has to be quite technical and professional, also take a look at the team behind the ICO, make sure that they know what they are doing.
Yeah right before investing we must know the consequences of all crypto, they may have risk but if you have patience then you can get alot of info and idea. Making money on ICO is way better than buying coins in Crypto market. But bear in mind that some projects will be failed.