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A data room is a space that allows sensitive information to be shared during due diligence and other business transactions. Data rooms are used in a variety of fields including healthcare, finance and IT to share sensitive information with potential investors. Due diligence was once carried out in physical rooms but nowadays, it is conducted electronically. It involves large numbers documents.

Investors will have a lot of questions about the startup's documentation. It is the founders' job to respond in a way that is impressive and speeds up the process. The best place to begin is to create an organized and clear folder structure, with clearly defined documents that are grouped into categories (e.g. legal, financial, contracts). Clearly labeling these folders and documents allows stakeholders to locate the data they require. Metadata can be added to the data room in order to https://gooddataroom.com/what-is-a-virtual-data-room-used-for/ give each file more context.

Other useful sections that founders can include in their data room include a competitive analysis, a list of current customers and referrals, as well as a customer references/testimonials section. Lastly, a company organisation/formation section includes any documents that show how the startup is legally registered and operated. This could include articles incorporating, business certificates, information regarding tax and an audited Financial Statement. This helps to show that the startup is a legitimate and trustworthy entity for consideration by investors.

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