Just a note on a similar line of though: https://medium.com/@zby/the-problem-with-crowdfunding-81b53f963387 :)

By the way an improvement to #2 Misaligned Company Incentives would be to do the stretch the ICO in time — so that the founders would have to prove the worth of their work to get new money. And maybe change the name — “ICO” is too much invested in the idea of all money upfront: https://medium.com/@zby/airdrop-can-be-a-better-ico-be1230ed63d0