Text Variable
First time using Widgets/Data Cloud.

In Storyline have multiple fillable textboxes, each textbox has two object triggers.

First: Set TextBoxName equals to the typed value; When TextBox_Name loses focus

Second: Execute JaveScript; When Textbox_Name loses focus

The JavaScript is: CloudSet('textboxnamesuggestions', 'value');

Question: What goes in the 'value' area so that when the user fills in the textbox their answer is recorded.
Do I need to create a variable to hold that data in Storyline, if so what does that look like?

Currently, when I put text into one of the textboxes I just get the word "value"

Here is the storyline review file - issue on slide 3 -

That's more of a Storyline question, not widget specific. To get a Storyline variable with javascript you would use the player.GetVar function. See, for example,

So in your case, you would do something like this:
var player=GetPlayer();
var TextBoxName = player.GetVar("TextBoxName");
CloudSet('textboxnamesuggestions', TextBoxName);