Infrastructure software can quietly become a financing business

A company may begin by selling software and discover that customers need hardware, leasing, replacement, insurance, and lifecycle management before the software can deliver its value.

At that point, the balance sheet becomes part of the product whether the founders intended it or not.

I think it is worth recognizing the transition early. The software business, the operating service, and the asset-owning entity may have different economics, risks, and sources of capital.

Ignoring that separation does not keep the business simple. It only hides where the complexity and risk have moved.