I wonder how you would increase the value of token without ICO. Well, few project has proven thy could do that... let's just put aside.
Even it's not for speculation, you will need to list the token on exchange anyway. So if you hold 50% of token, it will give a bad view for users or traders. They will think you may sell your reserved token whenever you need money or the price is getting pumped hard which you couldn't resist once it get listed on exchange. Or.. maybe you won't list your token on exchanges? I doubt that.