WordPress database error: [Specified key was too long; max key length is 767 byt

Hi when i am trying to install wordpress on my local machine its giving following error”..

WordPress database error: [Specified key was too long; max key

length is 767 bytes]
CREATE TABLE wp_terms ( term_id bigint(20) unsigned NOT NULL

auto_increment, name varchar(200) NOT NULL default ”, slug

varchar(200) NOT NULL default ”, term_group bigint(10) NOT NULL

default 0, PRIMARY KEY (term_id), UNIQUE KEY slug (slug), KEY name

(name) ) DEFAULT CHARACTER SET utf8

WordPress database error: [Table ‘mytest.wp_terms’ doesn’t exist]
INSERT INTO wp_terms (term_id,name,slug,term_group)

VALUES (‘1′,’Uncategorized’,’uncategorized’,’0′)

WordPress database error: [Table ‘mytest.wp_terms’ doesn’t exist]
INSERT INTO wp_terms (term_id,name,slug,term_group)

VALUES (‘2′,’Blogroll’,’blogroll’,’0′)

Please give me solutions.