Exclusion of small investors from participating in ICOs: Good or Bad?

[mexite]

From recent trends, many great projects have excluded their community members from participating in the token sale as the tokens are exclusively preserved for heavy investors through closed door (private) sales. Some even after promising to conduct a public presale renege on their words. Is this not disappointing? Will an average man be able to participate at all in any cryptographic project if this trend should continue?
I even fear more that project dev/team allow big wigs who bought the tokens cheaply in private presale to dump on excluded community populace at the exchange. Personally, I've missed out of a couple of good projects because of this. So what's your take?