The biggest risks is that they will be passed by competition. Being first to the market is a very big advantage and you need to look into the particular part of crypto space which they position themselves in.
Another risk is delayed or aborted development - which kind of connects with the above risk. Having white papers and prototypes is one thing - but being able to deliver to end and communicate with the market is something else.
But as long as the coin gets listed, it´s a very safe bet don´t you think ?
That depends on your time frame - lot's of coins are getting delisted due to low trading volume, and just disappear.
If you just want to make a flip then you need to look into the coin allocation and gauge if there could be any unmet demand after the ICO.
Thans ex-pro, that makes a lot of sense !