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5 Benefits of a Virtual Data Room for Startups

The freedom of being your own boss, coupled with the increasingly affordable technology and SaaS platforms that enable you to go it on your own, have lead to a new wave of entrepreneurs stepping out on their own. And who can blame tech savvy professionals from following their dreams when the likes of Uber, Facebook, WhatsApp and other digital-first business have seen success stories culminating in financial rewards of hundreds of millions or even billions of dollars.

While starting a business is appealing in terms of the (perceived) freedom and potential financial rewards, there is inevitably a lot of work to be done, processes to be created and followed, legal and financial administration, sales, marketing, IP, HR and more. Getting all of this in order and ensuring you have a single, secure platform to manage the storing and sharing of documents, plus a place to collaborate with stakeholders is an essential aspect of business best practice.

In many cases, you may be dealing with investors and external consultants who will need immediate access to the latest documentation and information - but how do you keep everyone in the loop and up to date when you have a business to grow?

In this article we'll explore the benefits offered by a virtual data room to startups.

  1. Any time, anywhere-access to everything

Being cloud based, the virtual data room is the ideal platform to provide remote access to all of your digital assets and stakeholder communications. In the post-pandemic, WFH, mobile-first and always on world in which we live and work, being able to access all - and I mean 'all' of your documents, digital assets, client, supplier, prospect and internal team communications is an essential aspect of fast moving businesses.

The days of needing to be in the office to access information is over. Absolutely everything can be in the cloud and accessible 24/7, from anywhere you can get a wifi signal.

This 'always-on' approach to data accessibility extends to whoever you choose to give access to. Which leads us to...

  1. Manageable user permissions 

Giving a teenager the keys to a Lamborghini is probably not the best idea. The same principle applies to allowing anyone and everyone in your organisation (or any other organisation for that matter) to have access to all of yours and your clients' data.

As well intentioned as they might be, the more folks that are able to access confidential business information, the more chance there is of it being accessed by those with nefarious intentions.

A platform like Clinked allows granular user permissions across individual folders and documents.

  1. Unbreakable security

Once upon a time, not that long ago, important documents were stored in a filing cabinet with the boss holding the only key. If you had a fire or a break in... bye bye irreplaceable, business-critical documents!

Thank goodness such concerns are a thing of the past. It's likely that you already keep your most precious digital belongings in the cloud - I'm talking about family photos and your Legends Of Rock Anthology playlist.

A virtual data room like Clinked provides bank-grade, 256 bit encrypted security and complex password functionality that even the most heinous of cyber criminals would be unable to crack, protecting your data and your reputation.

  1. Move faster and with increased efficiency

Organising pre-arranged meetings to review documents and get approval is an arduous task that saps efficiency and delays processes all the way along the project schedule. Waiting on emails and sign off of documents is an efficiency killer. A VDR overcomes all of these issues by allowing users with the appropriate permissions to access, review and comment or approve documentation without the need for unnecessary meetings.

When amendments or approvals are completed, the relevant parties are notified and the process moves forward.

Furthermore, a VDR like Clinked allows you template regularly used workflows to make the whole process even more efficient.

  1. White label / self branded

Aside from the people that operate and drive your business forward, arguably one of the most valuable assets your business has is its brand. Your clients and partners have no doubt come to trust your brand as a beacon of excellence in your field. So why would you direct them to a VDR with someone else's branding all over it?

The idea of directing your clients to www.random-vdr.com is akin to using an @yahoo.com email address for your business. You just wouldn't do it.

Clinked provides the opportunity for businesses to self brand their VDR through their white label platform - from the domain name to the look and feel and every other aspect of the platform. Seriously, do your marketing team a favour and self-brand your virtual data room.

This list is by no means exhaustive, but it provides an idea of the capabilities of a virtual data room and how, for the time-poor startup C-suite, it can help maximise your efficiency and ultimately, help drive business growth.

To find out more about the linked virtual data room, contact the team and book a demo.

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