Basically, the crypto space is becoming way bit saturated and alot of money is coming in and going. So many people want to leverage in that by running ICO and taking up people money without any viable product. To be safe, it's advisable to invest in a project that have a product or at least a prototype.
Actually the crypto market is not so much saturated and there is still option for people to invest in any of the coins that are available in the market. However those who have limited information about such thing often fall prey to the ICO thing and majority of the ICO are not much instrumental in imparting the growth to investment which is the reason the why investment in ICO is risky.
It is not easy to find a great ICO with an advanced project unless you have the very core information about what to invest in and why keeping the market graphs in the mind.