The first step in creating a data space is to determine the structure you want to create. Start by creating a main index to the deal for example “Finance,” then create subfolders and subjects to further arrange your documents. This will allow buyers to quickly recognize and comprehend the key components of your business. It is also an excellent idea to utilize consistent file names for ease of navigation.
Uploading your files becomes effortless once you’ve identified the structure of your document. Many VDRs offer bulk upload capabilities that let you import hundreds of files with just a few clicks. For easy access to your files, smart search and built-in document viewer tools can be beneficial.
Another aspect to consider is how to manage user access. It is a great idea to create groups that can be given specific permissions to the documents in the group. This way, it is easy to determine who can see what and for how long. You can restrict the printing and editing of sensitive documents.
It is a good practice to keep investors informed of the fundraising process by sending regular updates via the data room. This will demonstrate that you’re progressing and reaching your goals. Updates can include information about investor updates, milestone achievements and new information that can be beneficial to the investor in due diligence. This is a crucial step to speed up funding times and decrease friction during negotiations. In addition, you can add customer references and referrals section to showcase your strong client base.
