Failed to Create the Java Virtual Machine

Which OS are you running on? Are you using the bundled Studio or the plugin? Did you get to enter the workspace entry dialog?

There's should be a file named "log" under the folder of your workspace\.metadata. Check that file to see if there's any errors.

Another thing you can do is to edit the "Jaspersoft Studio Professional.ini" file in your Studio installation folder. Open it up with your text editor.

There should be some like the following line:

-vm
features/jre.win32.win32.x86_64.feature_1.7.0.u25/jre/bin

Change this to point to your javaw.exe in your jdk\bin folder

Example: (be sure to replace backslash with a slash)

-vm
C:/Java/jdk1.7.0_51/bin/javaw.exe