What can you spend the tokens on?
If each ICO creates a set of digital tokens unique to the fund raising for an individual firm, how do you convert them to real cash?
Shares at least give you a nominal "share" in the company, but shares not traded on a recognised exchange can be almost impossible to value or sell (see many boiler room scams passim).
The tokens must start out at virtually zero cost to the issuer (like shares) to be worth issuing to raise captal.
Obviously missing some vital step here.