Before the advent of virtual data rooms, when companies were sold or raised capital, the enterprise that bought the company would demand documents on the business’s financials and history from the seller. The information was stored in a secure place that the stakeholders could access to review the materials. The information rooms are now replaced by virtual data rooms, which allow for easier review and share documents.
In the process of launching your data room, it’s crucial to think through what you’ll need to put in and who you will be sharing access with. Depending on the stage at which your business, certain files may be more important than others. Investors might be more interested in detailed projections of revenue and costs if your startup already has a previous track record.
Once you’ve determined what you’ll include in the file, organize it and upload it. Create an organization structure that is appropriate for your business, and use consistent names to ensure that the documents are easy to locate. You can also add metadata to provide more context to the files. The files should be organized into subfolders so that users can find the information they’re seeking.
If you’re using the Pro version it is possible to assign access to users after you’ve uploaded all the documents. You can either choose particular documents and select the appropriate access groups, or click on ‘Add a new group(s)’ to add new groups.