You’ve had a great meeting with an VC however, they would like to know more specific information about your business’s structure and financials. You can create a virtual data room instead of sending the spreadsheet link.
A data room is a virtual repository for files that allows individuals to access documents from different locations at the same time without the need to copy or expose sensitive information. This is important during due diligence as it reduces risk for both parties. It also allows for sharing information with stakeholders outside of the organization who may not have the same access to information as internal employees.
Start by creating a folder structure to match the requirements of your business or transaction. You can also utilize the search function to assist users locate files by keywords or other attributes. Version control is an additional useful feature that lets you track the changes made to documents in the dataroom. This can help to avoid miscommunications when you give users an outdated version of the document.
Upload your documents after you are satisfied with the structure of your folder. Then, begin the due diligence process. You can alter the permissions for each person and view history from the settings in the data room. This will http://dataroomreview.org/what-database-is-right-for-my-business/ help to expedite the process, and increase your chances of closing an agreement.
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