The most important step in creating a data space is to determine the structure you want to create. Create a primary index folder like “Finance,” and then create subfolders or topics in order to organize documents. This will help buyers quickly identify and understand the key components of your business. It is also an excellent idea to utilize consistent file naming to facilitate navigation.
Uploading your files becomes an easy task once you’ve figured out the structure of your documents. Many VDRs provide bulk uploading capabilities which allow you to upload hundreds of documents in just a few clicks. For quick access, smart search and built-in document viewer tools are helpful.
It is also important to consider how you will control access to users. It is recommended to create groups that can be granted specific access rights to the documents within the group. This way, it’s simple to control who is able to see what and for how long. You can even restrict printing and editing on certain documents that are sensitive.
Throughout the fundraising process It is a good idea to provide investors with frequent updates to the data room. This will demonstrate that you are executing on your goals and advancing. Updates can include investor information milestones, milestones, and other data that could be useful for the investor in due diligence. This is a crucial step to speed up funding times and minimize friction in the negotiations. You can also add an area with references to your customers and referrals to show your solid customer base.