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A great pitch and a strong team are vital to secure investment deals, but a well-prepared data room can help startups make the right impression on investors. A virtual data room is a safe repository that allows users to share documents with other parties during due diligence, which can be an important aspect of the investment process.
Utilizing an online data room is cheaper than storing physical documents in the office, and it's also easier to access to users around the world. Additionally online data rooms aren't affected by natural disasters such as fire or storms, making them more secure than physical documents.
When choosing a virtual data room, choose one with the ability to customize permissions for different users. This feature lets administrators deprive access to users when their duty in the due diligence process is complete. The principle of least privilege means that sensitive information is given only to those who need it to make an informed choice.
Startups can also utilize file access analytics to determine which documents are viewed the most by prospective buyers and investors. This lets them lead more engaging conversations and improve their pitches moving forward.
As a general rule avoid including personal correspondence, outdated marketing materials, or internal memos that don't affect the decisions of investors. Make sure to focus on the key metrics that show the potential for growth of your startup and its business performance. Also include an overview of the company's sustainability to allow potential investors to be assured that your company will continue to be successful for the long-term.