The choice of the right data space is an important decision for any business. During the selection process, companies should make sure that the VDR can handle their particular requirements and they don’t pay too much for features that they will never utilize. It is also important to determine if the package includes setup, ongoing support, as well as training.
It is important to consider the number of documents that will be kept, and who can access them. In the majority of cases, it is better to choose a solution that can handle an unlimited number of documents and users, since this allows the company to save money on additional storage space or users. The company should also look at the pricing structure and what is included in the price. For instance, some providers still offer per-page pricing, which can be very expensive in the event that a company has thousands of pages of documents that need to be stored.
Another crucial aspect to consider is what information will be uploaded to the data room. Investors will need the usual due diligence documents, such as financial statements, business plans, incorporation and intellectual property documents. Investors will also want to be aware of references board of directors from customers, referrals and an analysis of competition.
It is crucial to avoid overburdening investors with information or including too many minor documents. It is also a good idea to review the documents regularly and eliminate all that are no longer relevant.
