Here's a breakdown of his motivations:
* Trade with Asia: In the late 15th century, European countries were eager to establish direct trade routes to Asia for valuable spices, silks, and other goods. The existing routes were long and dangerous, going through the Ottoman Empire and requiring payment of high tolls.
* Competing with Portugal: Portugal had already made significant progress in exploring the Atlantic and establishing trade routes to India and the East. England was eager to catch up and stake its claim in the lucrative Asian trade.
* Personal Ambition: Cabot, an Italian explorer, sought fame, fortune, and recognition for himself and his sponsors.
While Cabot's expedition didn't reach Asia, it's considered a significant milestone in the exploration of North America, as it contributed to the understanding of the Atlantic coastline and opened the door for further English exploration.