Is it ever too early to pitch?

So recently we began working on a project that seemed to have potential to grow into a startup. By coincidence, two incubators are in town giving talks and opportunities for students to pitch. I emailed one of the groups and set up a pitch, despite them running out of slots. At first I was excited but then I began to feel like we were moving too fast.

After talking to my co-founder I decided to cancel the pitch. We felt like pitching at this stage would be too early since we we weren't blocked by anything and we knew what to do next. We decided that it would be more advantageous to wait until we finish building everything.

What do you think? Is it ever too early to pitch your ideas to VCs/incubators?