I have no idea other than what I tried myself with the reset data option. The reset data option usually fixes 75-80% of the problems when games that use Impulse won't work.
You could try relogging and see if that works.
If you're running Vista run demigod in administrator mode (I.E. right-click on demigod.exe and run as administrator.)
Instead of running the game through Impulse find the menu shortcut and run Demigod from there, or just run it from where the game was installed too. (C:\Program Files\Stardock Games\Demigod)
My main question would be, did you install anything in the meantime between the 2 betas, like some other program that may be affecting Demigod from executing.
Hmm I don't know if you did this but depending on what OS you have try updating the system video, audio, and directX drivers. That would be my next idea anyway.
Unless I knew specifically what you had running for services and applications it would be hard to diagnose what's really going on.