Hi Carl,
If you check java control panel , the latest version of java is having high security which is not supporting BI launchpad.In Java version 7 we have option to set security to medium or low.Started working on Bo from last 4 months this is my 1st job as a developer didn't get a chance to work on 3.1 and bla bla bla. If you got a better solution you can share with us
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Abhi.