It may be semantics, but isn't the very definition of an ICO that it takes place on a blockchain or at least uses some form of crypto-currency token? Otherwise it's just a security in the traditional sense...
This is about non-blockchain projects using an ICO for fundraising, not about an ICO not using a blockchain (which obviously would just be traditional fundraising).ICOs are supposed to be a different form of fundraising. They are not inherently any better for fundraising blockchain-related projects than other ones apart from the fact that people who are interested in blockchain-related projects are likely to already have cryptocurrencies to use.
There absolutely can be ICOs for other projects. Thinking otherwise is what triggers all these stupid attempts to tie every industry to the blockchain for no apparent reason.
