Can not create new Project

I am NEW to SPIS and I recently launched it for the first time and tried to create a new project. However, this is what popped up when I tried to do so:

Does anyone know what I am doing wrong and how to fix it?

Thank you!

Can you elaborate a bit more on what you performed exactly to encounter this issue ? Have you setup the path to the folder where the project will be created and the name of the project to create ?