The Dutch subsequently began to colonize the region, establishing the colony of New Netherland, including three major fur-trading outposts: New Amsterdam, Wiltwyck, and Fort Orange. New Amsterdam was founded at the mouth of the Hudson River, and would later become known as New York City. Wiltwyck was founded roughly halfway up the Hudson River, and would later become Kingston. Fort Orange was founded on the river north of Wiltwyck, and later became known as Albany. The Dutch West India Company operated a monopoly on the region for roughly twenty years before other businessmen were allowed to set up their own ventures in the colony. In 1647, Director-General Peter Stuyvesant took over management of the colony, and surrendered it in 1664 to the British, who had invaded the largely-defenseless New Amsterdam. New Amsterdam and the colony of New Netherland were renamed New York, after the Duke of York.