Final answer:
The term refers to individuals like Sir Walter Raleigh, who sponsored New World colonies such as Roanoke, and to King James I, who oversaw the translation of the King James Bible.
Step-by-step explanation:
The term for someone who sponsored a New World colony and oversaw a new Bible translation is most closely associated with Sir Walter Raleigh and King James I. Sir Walter Raleigh sponsored the first English colony, the "lost colony" of Roanoke, in 1584, encouraged by Queen Elizabeth I and the advocacy of colonization and religious conversion presented by Richard Hakluyt. Further, King James I, who was after Elizabeth's reign, was responsible for the initiation of the King James Bible translation in 1604, which was completed in 1611, tying both sponsorship of colonization in the New World and a pivotal Bible translation to his era of rule.