ICOs (Initial Coin Offering) have recently become the favorite fund raising method for entrepreneurs and startups. Research indicates that a successful ICO could provide a helpful precedence for those who are in need of raising funds in the near future. In addition, the results could help the regulatory authorities identify the elements and factors which should be taken into consideration if ICOs were subject to regulation. The purpose of this study is to discover the factors which may affect the success of an ICO from 533 ICO samples which successfully raised over 5 million US dollars during the past two-year period. In general, we found that the following elements of ICOs have significant positive correlation to the final amount of fund raised, including, a higher amount of total token supply, acceptance of fiat as consideration in exchange for tokens, using the USA as an issue country, a higher percentage of token allocation to subscribers, a higher percentage of token allocation to advisors, a higher percentage of token allocation to ecosystem development, and introducing a post-ICO bonus scheme. On the contrary, we found that the following have a negative correlation to the final amount of the fund raised in an ICO: making use of bonus schemes in the ICO process, and applying longer lock-up periods in an ICO. We hope the research result will provide a new perspective for fund raisers and the government authorities.