One way to avoid receiving the "half-baked" label is to be cautious in the early stages of pitching investors.
If you start the fund-raising process early (during the idea/team-building/alpha site stage), be sure to make it clear to every investor you speak to that you are not asking them for money in the first meeting. Let them know that you will be seeking investment capital as soon as you reach certain milestones, and you would like to get their feedback on what those milestones should be. It's a great way to gauge their interest and get an idea as to when you have the green light to start talking turkey.
