Depending on the type of token you will have different value propositions. We distinguish between three general types of tokens:
Type one: usage token; work token; asset-backed token
Type two: native blockchain token vs. app token
Type three: useful token vs. useless token
Different projects are at various development stages at the time of their ICO. Some are only ideas others have working alphas. Depending on the stage of the project you can draw your own conclusions:
Does the project have only a landing page?
Did they write a whitepaper? How relevant is it?
Running prototype?
Blockchains are all about trust and transparency, therefore, security is a big part of a project especially if it has to do with smart contracts. Writing secure smart contracts is a difficult task:
Audits: were there any external audits of the code? If yes by whom?
Is there a testnet where people could play around with the app and test it?
Even though many governments still lack any regulations, this does not mean that the developers have the full freedom to do whatever they want. Their business idea might not even be allowed:
Regulation: how national and international laws could affect the business model?
In order for a company to succeed its product needs to solve a real world problem. Relying only on a good idea won’t cut it:
Value proposition: What problem does it solve?
Demand: Is there any demand for the product short term and long term
Social media buzz: Does the project get discussed in the relevant communities even before launch? What is the general opinion? How do experts in the field valuate the project?
Competition & partners: Any announced partnerships? Any competition?