Dashboard install fails on Ubuntu 12.04

I followed the dashboard installation instructions and am getting the following error when running:

$ sudo python tools/install_venv.py

Checking dependencies...
dependency check done.
Creating venv... done.
Installing pip in virtualenv...
Traceback (most recent call last):
  File "tools/install_venv.py", line 156, in <module>
    main()
  File "tools/install_venv.py", line 150, in main
    create_virtualenv()
  File "tools/install_venv.py", line 105, in create_virtualenv
    if not run_command([WITH_VENV, 'easy_install', 'pip']).strip():
  File "tools/install_venv.py", line 55, in run_command
    proc = subprocess.Popen(cmd, cwd=cwd, stdout=stdout)
  File "/usr/lib/python2.7/subprocess.py", line 679, in __init__
    errread, errwrite)
  File "/usr/lib/python2.7/subprocess.py", line 1249, in _execute_child
    raise child_exception
OSError: [Errno 8] Exec format error