"It," "It+1," "It+2," etc. can definitely be delivering software.
But that's just one "It" on the continuum. It could also be grant-writing, selling, managing, singing, shredding guitar, racing minibikes, whatever.
In any given case, there's always some threshold of what an "effective It" is. It may not be a clear-cut line. For example, research is very "fuzzy," and a researcher that can do "It," may be excellent at failure, because their job is to poke holes in theories.
In fact, if the company is all about getting A-round funding, then folding up the card tables, and moving on, someone that "looks like a shipper" could be an effective "It."
