For ICOs, here is what I check: 1. Is there a prototype? I almost never put my money into ICOs with no products. No matter how many things their whitepaper and roadmap promises. 2. The team. 3. Whitepaper. Is it a platform (like etheruem) or an application? Platform is riskier but it yields better return. 4. Valuation. I will pass if the valuation is too high, even when the project is great. In a way ICOs are more similar to angel investment than buying IPO stocks.