There are so many things to look for before choosing an ICO.
Know the people behind the ICO, the team. Team members must display expertise in their respective roles and have proven track records and experience in the industry that they seek to disrupt
Go for disruptive concepts, many startups have fallen into the me-too trap, where they only seek to be a better, cheaper, faster version of an already existing service. Unless they offer something unique, chances are these startups are just bound to compete rather innovate.
Understand the target market
Evaluate the technology
Nitpick the white paper
Know what the coins are for
Discern your appetite for risk