You choose your own target amount. It's good to be ambitious but stay realistic: a target amount doesn't have to be exactly the same as how much you need. Rather, we advise to choose a target amount that you can actually raise in your personal network. Because you will only receive the raised money if you reach 100% it is wise to think about this.
Crowdfunding is about activating your own personal network. Therefore, make sure you've got a realistic plan with a feasible target amount. To do this, make a list of possible supporters, estimate how much they will support you, and calculate your target amount from these estimates.
Don’t forget – you can always fundraise more than you hoped for!