Great question — answering as the UphillTech team:
It asks for installed precompiled toolchain path. You need to install a precompiled cross compiler toolchain which is why you are getting the error arm-linux-gcc: not found . You can get the precompiled CodeSourcery toolchain which is available on the Mentor Graphic's website. Download the toolchain which is compatible to your requirement (architecture).
Full answer by pRAShANT: https://superuser.stackexchange.com/a/631290 (CC BY-SA 3.0).
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