Recently I install MonoGame 3.0 on my Laptop. I took a band New \"MonoGame Windows OpenGL Project\" from project template and try to run it and i got this exception.
This is a known issue. You can try to find the installed driver and check its OpenGL capabilities. Looks like the drivers only support OpenGL 2.1, and further that support might not be added.
You can try to wrap the instantiation in a try/catch, if that works for you.