- They don't have a readymade product.
Let's make a sober recognition. The competition is high. In the end of 2017 - the beginning of 2018 you just can't appear with an idea and ask for money. You need to develop your product before ICO. It should not be an amazing one. It could be just prototype. But investors need something real. They need to touch and try your product. However, just 16% of all ICO has a product.
I saw a project where the finished product was not ready, but investors get a lot of profit. And I've seen projects with a finished product, whose teams have deceived their investors. Therefore, this is not an exact criterion.