<P> The founder of the new colony was the Virginia Company , with the first two settlements in Jamestown on the north bank of the James River and Popham Colony on the Kennebec River in modern - day Maine , both in 1607 . The Popham colony quickly failed due to a famine , disease , and conflict with local Native American tribes in the first two years . Jamestown occupied land belonging to the Powhatan Confederacy , and was also at the brink of failure before the arrival of a new group of settlers and supplies by ship in 1610 . Tobacco became Virginia 's first profitable export , the production of which had a significant impact on the society and settlement patterns . </P>
<P> The founder of the new colony was the Virginia Company , with the first two settlements in Jamestown on the north bank of the James River and Popham Colony on the Kennebec River in modern - day Maine , both in 1607 . The Popham colony quickly failed due to a famine , disease , and conflict with local Native American tribes in the first two years . Jamestown occupied land belonging to the Powhatan Confederacy , and was also at the brink of failure before the arrival of a new group of settlers and supplies by ship in 1610 . Tobacco became Virginia 's first profitable export , the production of which had a significant impact on the society and settlement patterns . </P>
what was the foundation of the virginia colony 's early economy
what was the foundation of the virginia colony 's early economy
Tobacco
Tobacco