A virtual dataroom (VDR) provides a secure platform for storing and sharing documents online. They are commonly used to help raise funds or conduct due diligence and offer an array of permissions.
To get the most value out of the use of a VDR requires a clear understanding of what kind of data you’ll be uploading and how it will be arranged. Begin by laying out the intended outcome, for instance an investment recommendation, then look backwards to determine the types of data that could be needed for that end purpose.
You’ll have to create an exhaustive list of all the documents you’ll likely have to share, including legal documents such as articles of incorporation and shareholder agreements, as well as operational information like customer lists, employee handbooks and supplier contracts, as well as any market study or competitive analysis you have done. Include any quotes from actual customers who have used your brand.
It’s also beneficial to have a Q&A area where investors can make inquiries or raise points – it helps keep the discussion on track and productive. It is important to choose the right tool with advanced commenting capabilities. This allows you to take notes on documents with no other users having Virtual Due Diligence Rooms access to them, and create a central discussion space for communication.
It is recommended to use an application that provides an activity log so that you can keep tabs on how your data is being access and make sure everyone is following the same guidelines for handling files. Consider using watermarks to minimize the risk of document theft and accidental alteration. You can also provide training materials that are easy to use to help new users get comfortable with the platform.