I agree with you, the time has passed when investors given millions of dollars just for the idea. Now to conduct ICO need much more, and I like it, because there will be more quality projects.
Will it?
It is said that at present there are many scam or homely projects. But when a new hype, it is unlikely that there will be less bad projects. Probably, they will be more.
For a project with only one idea, you will need more money to develop than for a project with a finished product.