I wonder if ICOs will become the new way to go for companies looking to crowdfund their product or if it is just much too hyped right now.

Icos are the crypto equivalent of IPOs (Initial Public Offering) for Stock Companies. The Crypto Companies just need to offer the Coinholders a better way to earn money other than just the value of the Coin itself.

I think TenX has a pretty good strategy for that with they PAY tokens.