You don't right. There are projects that have developed (already) products but they need funds to speed up marketing.
So they should just get funded by VCs, Why do they need tokens & billions of USD? Even 1 million $ is enough for every single project!
How much was the Whole ethereum project hardcap ?
ICOs cannot keep robbing people with white papers. 99% of icos scamming people! For example Recently GoNetwork basically did that. Raise 50 million and now have market cap of 3 million. And they have absolutely nothing to show for it.
Just check out recent icos performance. All below Ico price!

pic credit : icodrops.com/
The majority of them are so greedy and they don't even care to create a support to their market. basically in this bearish market and it will be more difficult to encourage the demand. As far as i know about they are traded above the ico price at the early stage but i would not try to expect a lot from them all dude. some icos that raised more than 50k ether doesn't wanna support their own market.