Tokens aren’t equity, because they have intrinsic use and because they are non-dilutive to the company’s capitalization table. A token sale is more similar to a Kickstarter sale of paid API keys than equity crowdfunding
Thoughts on Tokens
Balaji S. Srinivasan

Doesn’t this mean though, that the model of financing using tokens will suffer the same disadvantages suffered by other crowdfunding models?

The most serious disadvantage I can think about is that entrepreneurs which receive a substantial amount of funds without giving any “vote” to those who gave these funds, are not incentivised to deliver the product they promised to create (as can be seen in other crowdfunding platforms like Kickstarter).

Of course, when talking about ICOs the founders might still have the incentive to create an initial launch of a product so the token network they created will have value, but the incentive to maintain it is significantly reduced.

When getting funded through a VC for example, the investors will usually draft a contract that prevents the entrepreneurs from “running with the money”. They also get a seat at the board, and a say in what direction they company will take.

I wonder if down the line tokenized equity, or some other form of constraint on the founders, will be more common.