I am not sure about your statement, I am personally more sure that ico is diminishing, many ico users have switched to IEO. Well, maybe not everything will be but ico's reputation is really very bad. projects produced by ICO do not have good functions.
This is where you need to start. Investors actually are exist, just because of the scarcity of ideas and the real lack of working functionality, many do not want to invest absolutely in all ICO or IEO.It is better to invest in 1 project $ 1000 than to invest in 10 shitty ICO of $ 100.I recently became involved in the IEO from the exchange
https://www.gate.io/.And very pleased with the results.