having a product is a proof to investors, how could an investor risk their investment into projects that show no product or prototype test. It's meaningless you cannot convince investors.
Agreed. In reality, the ICO takes place according to this scheme. People invented something, sent invitations to potential investors. Investors come to the presentation and see what they have invented, how it works and can see the product, feel, try it out. And then they decide whether to invest or not. Here, everything seems to be the same, but the mind of people overshadows the thirst for profit. Therefore, they invest in projects that exist only on securities.