This application has failed to start because the application configuration is incorrect.. Solution

I came across this error when trying to run an application built with Visual C++ 2010 express on another machine which did not have the .net runtime, Visual C++ redistributable packages installed.

Solution:
Copy all the DLLs in "[installation directory]\VC\redist\x86\Microsoft.VC.CRT\" to the application directory. These DLLs are needed if the application runs in "Release" mode

Copy all the DLLs in "[installation directory]\VC\redist\Debug_NonRedist/x86/Microsoft.VC.DebugCRT\" to the applciation directory. These DLLs are needed if the application runs in "Debug" mode

Now the application should run without an issue. Install the appropriate (i.e. 2005/2008/2010 etc.)  Visual C++ redistributable package on the target computer for a more permenet solution.