In my experience, right now is much better to invest in solid projects, already listed. Some of them have working product, but not enough customers to significantly affect tokens price. And such projects can be crazily undervalued, comparing to big ones, listed on top exchanges.
Try to find projects with less than 1mil mcap, they should  have a working product and actively trying to find customers. Better if they already have a few. To make sure they won’t run out of funds, check their ICO adress and try to ask them for their financial info, if they’ve sold collected funds for usd.
I can’t say there are a lot of such projects, but you’ll definitely find 2-3 good ones and that will be enough. My personal expectation is that those will bring a fortune, either during next bull run, or if they’ll succeed in their customers acquisition.
It’s a risky investment for sure, but much less risky, than investing in ICOs with 10mil+ mcap, which have nothing but an idea or hype behind it.