We faced a similar challenge. We have an ICO planned out but are not launching it just because of the fact that we do not have initial funding to get started. We know we need X amount of money to get started. But if we can't convince people with deep pockets to initially fund us, then how will we convince others to join us. Need to have a good vision, tech, team and some basic funding to start.
I do understand what you mean and as I observe the bandwagon of creating ICO has to do with it. We all know that the problem with this projects are the reputation within the community that this ICO thing is severely abused and money generating machine for scammers. May not be all and I can’t blame big investors for not trusting any projects who have this kind of signs.