If you decide that an ICO that you are reviewing is legitimate in that it attacks a real world problem that requires "tokenization" then I think that it is the quality of the team that matters. Two things you can do to help evaluate the risk of investing in the ICO are

1/ Check out the project on git-hub to see the number of commits and how many developers are working on it. Lots of commits and a reasonable number of developers is good.

2/ Read the white paper and check out the git-hub & Linkedin profiles of the key team . members. You want to see a track record of delivering working projects and/or working code.