If allowed in the wrong hands it could potentially bring an end to your business, or at the very least result in costly litigation. So, whether you are storing the data or licensing it to an outside party, you want to remain in control of it. Your intellectual property in most likely the life-line of your business. With a virtual data room you can restrict access so that once your fundraising round over only the correct investors remain in the loop. Once you’ve sent off the information you lose control over what the recipient does with it. SecureDocs Tip: With a free collaboration tool you can’t necessarily do that. You will want to ensure that the individuals who did not choose to invest in your business no longer have access to the information that was giving during the fundraising process. But, in the end, only a fraction of the originally interested parties will end up giving their support to your business.
When raising funds, you will be required to share that information with many different potential investors. Here are five examples of when your business should not use a collaboration tool for online document sharing and storage:įrom very early on your business has proprietary information that you will want to protect. Which begs the question- is the cost of file sharing solution like Dropbox really less expensive when compared to an online virtual data room solution like SecureDocs, a solution that is specifically designed with document security in mind, and can most likely prevent the breach from occurring altogether? Probably not. However, while the monthly cost of implementing a collaboration tool like Dropbox may be low, the expense associated with the repercussions of a breach, should one occur, could be extreme. For example, a collaboration tool like Dropbox provides a functional solution that can be used for free or for what seems to be at a very low cost to people and businesses looking to go paperless. In most businesses today online file sharing, storing, and collaboration tools have become an integral part of day-to-day operations.
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