Here are just three simple requirements for the project/company in which I would invest:
1) must have a working product
2) must have a profit
3) must have many already paying clients
For example, Kamagames's token sale satisfy to all of that requirements.
1) The company has many working games
2) Its sales reached US$57,000,000 in 2017
3) the company had attracted 100M of users.