yes it is, without it, how can you possibly convince the investors to invest on a certain ICO if you dont have anything in return that can be useful after they put their money on you.
In fact, many projects, not only in crypto, find investors not yet having a ready product, because without investments, they will never be able to create the final product and will only give their plans for the future.
Yes, many of icos don't have any products, they just put forward a idea and then start ico, even if their ico successfully implements hardcap, but they don't really want to develop any products, they just earn ico Money, this is a bad trend.