I think you need to have a strong team to make your project attractive and trusted by investors. Without a solid team, your project will fail. I am not sure whether ICO will succeed when investors or Bounty hunters no longer trust ICO. Maybe you need with IEO but as I said, You must have a strong and solid team.
You're right, a strong team and interesting projects are the main capital. but now does anyone believe in ICO? the currently more popular fundraising system may be IEO. it also does not guarantee the success of the project. very difficult to find investors to project at this time.
Investors will never risk investing in ICOs at this time, the risk for ICOs is too high and too difficult for them to make a profit from it. And I agree with you, projects should focus on IEO in order to raise funds