How to Launch a Data Room

Before the days of virtual data rooms, when companies were sold or raised capital, the enterprise acquiring the company would request financial and historical business documentation from the seller. The information was stored in a safe place where stakeholders could examine the documentation. Today, these information rooms have been replaced by virtual data rooms that make it easier to share and examine documents.

If you’re planning to launch your own data room, be thinking about what you’d like to include and who you will share access. Depending on the stage of your startup, some files could be more important than others. For example, if your startup has already a proven track record, investors might require more detailed revenue and cost projections than if the company is in its early stages.

Once you’ve decided on what to include in the document put it in order and upload it. Create an appropriate folder system appropriate for your company and use consistent names to make it easy to find documents. You can also add metadata to provide more context to the files. Finally, group related files into subfolders to make it simpler for users to locate the information they need.

After you have uploaded all of the necessary files, browse through and assign access to users in the Dataroom Documents section (if you are using the Pro version). You can either choose specific documents and select the appropriate access groups, or click on ‘Add more group(s)’ to add a new group.

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