At What Point Does Pre-IP Infrastructure Become a Real Buy-Side Asset?

Question for experienced buyers/operators: In traditional search and buy-and-build models, most diligence focuses on existing revenue, customers, and operations. I’m curious how others here evaluate pre-IP, non-operating infrastructure assets—specifically governance, licensing, and control-layer architectures designed to sit above future acquisitions or platforms. For buyers who’ve seen this done well: – What signals indicate real transferability and durability before IP or code exists? – At what point does this shift from “concept risk” to “infrastructure leverage”? Interested in perspectives from operators, sponsors, or advisors who’ve encountered this layer in practice.