Check to ensure you're trying to run the right product for the license you have.

From the menu, select 'Houdini' to run Houdini Core (formerly known as Base Houdini or Houdini Escape) and 'Houdini FX' to run Houdini FX (formerly known as Houdini Master).

From the command-line, type 'houdinicore' (or 'basehoudini' to run Houdini Core, 'houdinifx' to run Houdini FX, and 'houdini' to run the program that you have licenses for, searching for Houdini FX licenses first and then Houdini Core licenses.

For more licensing help please see the License Trouble FAQ.