There are project that are already running and yet they conduct an ICO for additional investment, it's good if you can invest with them
since they have a working product. But, you should also look on the history of the business, their reputation and profitability is very important, if you find it attractive them invest with them, it's true that it's less risky.

However, with my longer stay in crypto, I notice that there are only few businesses that are doing the same, most of the proejct in ICO
are just an idea then they will just implement that idea once they have successfully raised the funds.