Answer:
Europe went through several major developments in the centuries prior the start of the Age of Exploration.
Besides the obvious developments in shipbuilding and navigation, other important developments were in the political arena. For example, Portugal, the first European country to engage in the Age of Exploration, could devote resources to do so because it had a relatively secured border.
Another important development is banking. Banking emerged in the late middle ages, in Italy. Banking allowed higher levels of capital accumulation that could finance the expensive trips that were required to explore new lands.