A lot of ICOs aren't trying to turn into businesses, or at least not primarily. They're trying to make an open protocol with a valuable token. Successful examples so far include Filecoin, Ethereum, and several major Ethereum competitors. One built on top of Ethereum is Maker, the leading decentralized stablecoin. Another is Chainlink, which does oracles.
Two actual businesses I can name that started with ICOs and appear to be doing well are Funfair, which does legal regulated gambling over Ethereum state channels, and Monolith, which puts tokens on VISA cards for spending.
ICOs are mostly scams. If the company's product isn't the coin, clear scam. If the product is the coin, is the coin unique in some way? If not, scam. Most ICOs fall into one of those categories. I'm sure there are a handful of counterexamples amongst the myriads of scams
Two actual businesses I can name that started with ICOs and appear to be doing well are Funfair, which does legal regulated gambling over Ethereum state channels, and Monolith, which puts tokens on VISA cards for spending.