If you are late, watch carefully before getting inside crypto. It is very risky now as some coins did increase too much. You can be late on some coins but on new ICO you are not late.
I really don't know how to pick a good ICO. Many times is just a lot of marketing to sell nothing...
Look at projects who are realistic. And also look at what they are going to do and if you think that it can work or not. If you see that there is a lot of comments/questions/answers in the announcement thread of this project, it may be good to invest.
Also read carefully the whitepaper and look at the team members and advisors. If you think they have the good ressources to finish the project it can be ok.
Also look at the partners of the company. If they have big and well known partners it is also a good sign.
Sometimes a project can take a long time to take off. You need to be patient on investing in thoses projects, but they may be successful it you took the good one.
Sometimes, the team members are anonymous. It does not mean that it is a bad project, but it is more risky.
In some ICO if you have the coins, you can receive dividends if the company made profits.
You can also watch the invested amount currently on a not finished ICO on their website. If they already received a lot of funds, it may means that it could be a good investment. As there is a lot of investors in the ICO. But you may not have a big bonus compare to the first investors as they took more risk.
It takes time to choose an ICO, but it is worth to do it.