Test Studio Installer fails with the following message: 

Service 'Telerik Scheduling Service' (Telerik Scheduling Service) failed to start. Verify that you have sufficient privileges to start system services.

Followed the steps according to our documented fix. Here are the steps:

Cancel your Test Studio installation.
Uninstall the current version
Open the Telerik Test Studio Config folder (C:\ProgramData\Telerik\Configs).
Move the contents to a different folder. The folder isn't important. We just want the files removed.
Restart the 2013 R1 install.

After restarting the installation, we're getting the same error

Here are some errors from the event log:

BUT, I have different errors in the event log:
Error1:
Faulting application name: CloudStorageSelfHost.exe, version: 1.0.0.0, time stamp: 0x5200fb3e
Faulting module name: KERNELBASE.dll, version: 6.1.7601.18015, time stamp: 0x50b8479b
Exception code: 0xe0434352
Fault offset: 0x0000000000009e5d
Faulting process id: 0x13f4
Faulting application start time: 0x01ce99f51ab96765
Faulting application path: C:\Program Files (x86)\Telerik\Test Studio\StorageService\CloudStorageSelfHost.exe
Faulting module path: C:\Windows\system32\KERNELBASE.dll
Report Id: 595de766-05e8-11e3-92c2-001c42996f25

Error 2:
Application: CloudStorageSelfHost.exe
Framework Version: v4.0.30319
Description: The process was terminated due to an unhandled exception.
Exception Info: System.Data.ProviderIncompatibleException
Stack:
   at System.Data.Entity.Internal.RetryLazy`2[[System.__Canon, mscorlib, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b77a5c561934e089],[System.__Canon, mscorlib, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b77a5c561934e089]].GetValue(System.__Canon)
   at System.Data.Entity.Internal.LazyInternalContext.InitializeContext()
   at System.Data.Entity.Internal.InternalContext.CreateObjectContextForDdlOps()
   at System.Data.Entity.Database.CreateIfNotExists()
   at SQLStorageAdapter.SQLStorageData.InitializeDatabase()
   at Autofac.Module.Configure(Autofac.Core.IComponentRegistry)
   at Autofac.ContainerBuilder.Build(Autofac.Core.IComponentRegistry, Boolean)
   at Autofac.Module.Configure(Autofac.Core.IComponentRegistry)
   at Autofac.ContainerBuilder.Build(Autofac.Core.IComponentRegistry, Boolean)
   at CloudStorageSelfHost.CloudStorageHoster..ctor(System.Uri)
   at CloudStorageSelfHost.CloudStorageWindowsService.Main(System.String[])