When compile program using Visual Studio 2015, Matlab 2016b, and OpenCV 3.1.0, one might get the error as follow:

Undefined function or variable ‘setInitialWorkingFolder’.

Error in matlabrc (line 197)

Could not initialize the library properly

This error occurs because there might be multiple versions of Matlab and OpenCV. So you need to uninstall all other version and Matlab and OpenCV. If you really don't want to uninstall them, at least you need to remove them from the enviromental path.

For Matlab 2016b, be sure to include correct path, like:

SET MATLAB_VERSION=R2016b

SET MATLABROOT=%PROGRAMFILES%\MATLAB\%MATLAB_VERSION%

SET PATH=%MATLABROOT%\bin\win64;%MATLABROOT%\runtime\win64;%MATLABROOT%\bin;%PATH%