How to make money on ICO?

As a cryptocurrency enthusiast, I'm curious about how one can potentially make money through Initial Coin Offerings (ICOs). Could you elaborate on the key strategies and considerations for successful ICO investments? Specifically, what factors should I consider when evaluating an ICO, such as the team's background, the project's potential, market demand, and token economics? Are there any common pitfalls that investors should avoid? Additionally, could you provide some tips on managing risks and allocating funds in order to optimize potential returns? Thank you for your insights.