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.