This is one of my pet peeves in crypto, especially in relation to altcoins and ICOs. I would argue that you can't "invest" in most ICOs - they have no product, they have no real world use, most of them don't even have a roadmap/whitepaper or a real team. They are just some useless token which was created in an hour. You can't "invest" in them any more than you can "invest" in me writing IOUs on scraps of paper and handing them out to people I meet. You can speculate on them, sure, as you can speculate on anything you like, but you are almost certain to lose your money.