The First British Empire originated in the late 16th century when Queen Elizabeth I granted licenses to conduct overseas exploration and establish colonies to Humphrey Gilbert and Walter Raleigh. During the Age of Discovery, Portugal and Spain established large empires which England envied and sought to emulate. By the 17th century, England had established colonies in North America, the Caribbean, and Asia through the East India Company. The most profitable early colonies were in the Caribbean, involved in the sugar trade which Britain monopolized. However, the American War of Independence resulted in Britain losing its oldest North American colonies by 1783, after which it focused on expanding its Asian, African, and Pacific interests.