A startup is an opportunity for ideas to take off. But, of course, sometimes startups fail; no one is immune from this. On the other hand, if you feel that your business is gaining momentum and have received investments from an extensive business angel, you need to take care of data protection. Of course, the idea of your startup may already be presented to the general public. But the details of the development should not be known. Virtual data rooms help protect information about your future project.
How to choose a virtual data room for a startup?
So, you have decided to protect your data with a virtual room. Now it will be presented to choose because there are many options – each of them is good in its way. Pay attention to these characteristics:
- Price. In the case of startups, it is better to limit the monthly budget allocated to the data room immediately. After all, startups often exist at the expense of investors or inventors, and the budget for additional services is limited. Don’t worry; there are quite a few different options, ranging from $50-$150/month to $300-$500/month.
- Functional. Decide which functions in the data room are a priority for you. For example, if you all work in the same office, you can completely do without advanced meeting functionality. After all, you can also call by Zoom, without paying for an additional service in the VDR.
- Ease of use. For a small team, choosing a simple data room that everyone can figure out in a few days is best.
To better understand the issue, try to find yourself virtual room providers that offer a free version for at least a few days. This will allow all team members to understand how the software works and whether it suits your task.
Multiple options for startups
So that you do not scour the Internet in search of suitable software, below are some excellent and budget options that are suitable for startups:
- Fordata. The cost of this software is about $200 for 15 users. Not a bad option for a startup, especially if it is related to finance or banking. There are robust security standards: encryption, individual file protection, document control, and two-factor authentication. Like other VDRs, there is a 24/7 support service.
- Firmex. The virtual room is based on cloud technology, so you won’t need to download anything to your computer. With the help of tools, you can manage documentation on the site, drag and drop documents, edit them inside the program, invite users, generate audit trails, and so on. For big deals, you can invite new users to the virtual room.
- Ansarada. One of the budget options for startups will cost only $39 per month and more. There is artificial intelligence here; it helps users generate reports. Ansarada offers a lot of tools for the financial side, conducting transactions, preparing a company for entering the stock market, and so on. With the help of data room tools, you can perform volumetric analytics and improve your business strategy for a startup.
Admincontrol’s Data Room, Digify, ShareVault are also suitable for startups.