I have never invested in ICO, but I often join the bounty programs of ICOs and get their token or coins.
Here, some ICOs really give the profitable coins that can rise highly after holding some months. Some are also better to sell after on the exchange. In this case, yes, I have raised my amount of the money because holding my token reward from some ICOs.
Why do you not invest in ico but only join bounty campaigns instead? Dont you believe ico to put your money? Maybe yes.
Actually for investment, some people prefer hold popular coin like etherium rather than invest in ico but another investor also prefer invest in ico. For me ico and opular is the same so now depend on our preference to choose which one is suitable to our style.