The quote refers to Gosnold's efforts in connection with his second voyage, to Virginia (or Southern Virginia, since all of the area the English claimed in North America was called "Virginia"). But it could as easily describe Gosnold's effort to interest his "friends" in a colonizing effort at the beginning of the 17th century. In the Elizabethan (and later Stuart) ages, exploration and colonization was a private endeavor. While the crown did not defray any of the expenses of these enterprises, it granted monopolies to an individual or corporation to exploit a particular area that the crown claimed. This made the efforts profit-driven, much like privateering. So a would-be colonizer, like Gosnold, had to raise the capital for the expedition among private sources. As these ventures became more common great corporations would arise, much like the corporations which exploited the trading routes (which the crown also granted monopolies on). Substantial obstacles stood in the way of organizing a commercial colonizing venture to the New World. In the first place, Ireland beckoned as an alternate prospect for colonization, one that was less expensive, at least with respect to shipping expenses. Most of the venture capitalists who were considering New World ventures were also involved in Irish ventures. Thomas Smith's son, for example, was involved in the first substantial effort to colonize Ulster (although he was killed early in the endeavor). There was also the substantial financial risk involved in colonizing projects. Sir Walter Raleigh had lost 40 thousand pounds in founding Roanoke colony, and he pledged still more to attempt to find and rescue the lost settlers.