How to Launch a Data Room

Before the days of virtual data rooms when companies were sold or raised capital, the entity that bought the company would demand financial and historical documents from the seller. The documents were kept in a secure place where stakeholders could look over the documents. Nowadays, these information rooms have been replaced with virtual data rooms that make it easier to share and review documents.

In the process of launching your data room, it’s essential to consider what you’ll need to put in and who you’ll be sharing access to. Based on the stage your startup is at, some files are more important than others. For instance, if your startup already has a proven track record, investors may be looking for more detailed cost and revenue projections as opposed to if the company is in its beginning stages.

Once you’ve decided the items you’ll need, arrange and upload the files. Create an organization system for your folders that is suitable for your company and use consistent naming techniques to make it easy to find documents. It’s recommended to include relevant metadata in the files to provide additional context. Also, group related files into subfolders to make it even easier for users to find the information they require.

If you’re using the Pro version it is possible to assign access to users after having uploaded all the documents. Select the documents you want to grant access to, and then select the appropriate groups. Click on “Add more group(s),” if you’re required to add new ones.

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