Agree with all the answers... Basically if you are spending money to create MVP then you are doomed to fail... period... I have seen this with at least 5 startups..
There are many technology companies going after startups these days getting money for developing MVP. They develop namesake mediocre product to get the money. Most of the time only 50% of the feature set is completed. The company demands more money to finish rest of the product. Founders then go after angels and VC's to get money instead of trying to find customers...
This is a win-win situation for the technology company and lose-lose situation for the company founder(s), because if the founder gets money from investors then technology company gets more money or startups folds and technology company move on to another pocketing the accrued money for nothing...
The right way is for the founders pour their money and time to build a product. if they need external skill set then they include someone for equity to build a product then immediately validate with the users and show some traction.. The you go to investors get money and build the product once again in the right/scalable way. Twitter, facebook, youtube have done it this way...