Here's a very simply way to tell if you should (NOT) be investing in the next ICO: if the company has not build anything yet but simply proposes to build something in the future. You are not in fact investing into the COMPANY. This means it IS a security, and the token will almost certainly become worthless. Of course no one knows exactly when that will be - but why risk it?
Look for companies instead that have an existing product, users and the need for tokens with actual UTILITY - means it replaces or enhances an exisiting business process or event in the "real world".
Exactly. ICO's without an MVP or anything built are like ideas on kickstarter