Before the advent of virtual datarooms when a company was sold or raised, the entity that acquired the company would request the seller for documents regarding the financial history and historical. The documents were stored in a secure area that the stakeholders could access to examine the documentation. These information rooms have been replaced by virtual data rooms that make it much easier to share and review documents.
In the process of launching your data room, it’s crucial to consider what you’ll need to put in and who you will be sharing access with. Based on where your startup is, certain documents could be more important than others. For instance, if your startup already has a proven track record, investors may want to see more detailed budgets and revenue projections than if the business is still in its initial stages.
After you’ve decided what you’ll include in the file put it in order and upload it. Create an organization system for your folders that is suitable for your company and use consistent naming to make it easy to find documents. You can also include metadata to provide more context to the files. Subfolders of related files are grouped so that users can find the information they are looking for.
After you’ve uploaded all the required files, you can go through and assign access to users in the Dataroom Documents section (if you are using the Pro version). You can select individual documents and choose the appropriate access groups or click’Add more group(s)’ to add new groups.