Projects with no ICO are usually premined coins, and they have their fund already to do so, so they are not after the money completely, but after the use of blockchain technology to make their project successful. Most companies you see conducting ICO has never in their life touch such amount of money.

Many of them just fell like trying it which they get successful and really doesn’t know how to handle the fund or how to continue with the project, so they end up preferring to go with the money and the ones that have little conscience will join and exchange for few people to still benefit before going away. I think the money is the main issue here why some of these ICO projects don’t perform well.