It is important to mention that most of the ICOs don't have a single line of code written and not a single person who can explain what blockchain is. And even if the idea is great, what is the motivation to continue working on it after you raised more money than you can make by creating this technology.
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I like where you're coming from. I agree that many developers are hopping on the ICO bandwagon due to recent successes with them. I personally would be highly motivated to work full time on my own business if it were fully funded and I were able to use that money to take it all the way - I suppose the thing to ask is, are they doing this for a job or because they are thoroughly in love with the work they do and the product they're building?
Exactly, research of the team always comes first! What is their reputation and what is the area of their expertise. Only after that comes the idea.