Without any system info, especially about what graphics hardware and driver version you use we can't tell you much. The error pretty much means what it says - your GPU is either not compatible, does not have enough performance or has an incompatible or outdated driver. At least the latter can easily be fixed by updating the driver. Anything else will require proper info.
Video Copilot's support have always been great for me. It's definetly worth reaching out to them. As the others have said, it's also worth makign sure your graphics card drivers are up to date, and it is probably worth uninstalling Element then reinstalling it from the latest versions available on Video Copilot's website.