Before the advent of virtual data rooms when companies were sold or raised capital, the company buying the company would require financial and historical documents from the seller. The documents were kept in a secure place that stakeholders could access to look over the documents. Nowadays, these information rooms have been replaced with virtual data rooms that make it much easier to share and examine documents.
When you’re preparing to open your data room, you need to think through what you’ll need and who you’ll be sharing access with. Depending on the stage of your startup, certain documents might be more important than others. Investors might be more interested in specific projections of revenue and costs even if your business already has a track record.
After you’ve determined what you want to include, arrange and upload the documents. Create an organization structure that makes sense for your company and follow consistent naming conventions to ensure that the documents are easy to find. You can also include metadata to give the files more context. Additionally, you can group similar files together in subfolders to make it even simpler for users to locate the information they need.
If you’re using the Pro version you can assign access to users after you’ve uploaded all the files. You can select particular documents and select the appropriate access groups, or click on ‘Add a new group(s) to add new groups.