Well Even some ICO's has a working product they actually failed because it depends on the investors if they appreciate and gives them a lot of profit on it. and the second problem that ICO's hard to survive the reason is when the market is down. thats why typical investors would buy after the ICO and just a little of they money to avoid losing on investment.
Yes, it doesn't guarantee for the ICO that have a working product can get success after they pass every phase on the roadmaps. They still need to work hard to get more investor or buyer to buy their product, and it's not easy to do. Besides that, they should compete with the other ICO that might have a similar product, and in the end, people will give their reviews about which one that will be a good product.