I have seen many new projects this year with tangible products. Some don't even conduct ICO and they're doing well. I can still remember Serve and Chimpion projects, they both have products and they don't even conduct ICO or IEO.
That's great to know, thank you!
Very much same with the Yanu project, since I read from the whitepaper that ICO was created only to get the product done faster, which they have done thankfully.