new Silverlight JetPack Business Application fails initialize STG_E_FILENOTFOUND

I successfully built a Silverlight RIA services app on my previous laptop. Now I have a new laptop and am unable to start any project using the Silverlight Business Application (JetPack) template. It fails with a dialog:

!Microsoft Visual Studio X could not be found. (Exception from HRESULT: 0x80030002 (STG_E_FILENOTFOUND))

and tries to display MainPage.xaml. The .web project is not created at all. There are 2 errors listed:

I am running VS2010 Premium SP1 with NuGet 1.1 and downloaded the JetPack Business App template via NuGet. If I select the Silverlight Business Application template (the plain one, not the JetPack theme), it works perfectly, and creates both projects.

What am I doing wrong? How do I fix it?