What ICO is better? The wide-open ones or the ones with private community???

[GLDFY]

I was thinking about the different approach to ICO and here are my thoughts.
ICO is a way to raise money for a future business. The money can be "smart" or not. Getting smart money is always better for starting a business. But it's doubtful to me that smart money can be found in a massive public offering lite typical ICO is being held. On other hand offering tokens to a limited group of people will doubtfully rise a significant amount of money (hundreds of millions).
Basing on these ideas I came to the conclusion that having an ICO dedicated to a small community looks more promising in a longer perspective.

What do you think?  I need your advice.