It’s handy to have a mental checklist when studying a whitepaper of an ICO that you’re interested in.
A couple of things to bear in mind include:
Is it clear enough? Can you test in through a beta version? Is the dev team fixing problems, if they appear, in real time?
Who are the people in the team? Take some time out to do a bit of research on the key figures and see if they have a proven track record.
Who are the main competitors to the project, and how does this project deliver something that the others are not?
How transparent is the token side of the ICO? How do I buy, sell, hold and transfer them? How many of them are there, and how are the funds going to be used in the future?
The more tokens or coins there are in the ICO, the less value it carries to you. Have an idea about your potential gain.
What percentage of the coins is being divvied out to the team? A good ICO will have a comprehensive structure on this available publicly.