As a counterpoint, Brad Feld in Venture Deals advises to be ready to defend your number, and thus have a specific one.
Giving the investor a range (or not being able to describe why you came up with this specific number) gives them the impression that they won't be buying into growth, they will be financing an existing burn rate for indeterminate amount of time.
Giving the investor a range (or not being able to describe why you came up with this specific number) gives them the impression that they won't be buying into growth, they will be financing an existing burn rate for indeterminate amount of time.