I thought I would pass on the advice I received from Frank T. one of my Directors and mentors at DoBox, as we were preparing to raise our first round.  I had carefully calculated what we needed,  and decided that $375,000 was the right number.  We had good interest in our round with a strong NY-based angel group and a good group of Utah and CA-based investors.  Frank said to me

'$1million is a grown up number.  If you can get it, take it!'

We took his advice, closed on $1million and it made ALL the difference.  So, when you're raising your first round, don't think small, go for the "grown up number"!