You’ve had a great meeting with an VC However, they’d like to see more detailed information regarding your business’s strategy and financials. You can set up an online data room instead of sending an Excel spreadsheet.
A data room is an online document repository that allows users to view documents simultaneously from multiple locations without the need to create copies or divulge sensitive information. This is essential during due diligence because it reduces risk for both parties. It also allows for sharing information with other stakeholders who may not have the same access to information as internal employees.
Begin by creating a folder structure to match the needs of your company or transaction. You can also use the search function to assist users locate files based on keywords or other attributes. Version control is a useful feature that lets you monitor the changes that are made to documents within the dataroom. This can aid in avoiding any miscommunications between users if you send them an outdated version of the document.
Upload your documents once you are satisfied with the folder structure. Then, begin the due diligence process. You can adjust the permissions for each party and also the history of viewing from the settings in the data room. Having this information organized in a secure area will speed up the process and increase the chance of closing the deal.
www.dataroomreview.org/virtual-data-room-solutions-for-changing-simple-workflow