Wired notes that restrictive legislation, politics and controversy have scared away venture capital from investing in stem cell research. Private for-profit investors are notoriously risk-averse, and the present polical environment makes stem cell investment look like a very risky bet. "But while they may not be investing in the companies themselves, venture capitalists haven't completely abandoned stem-cell work. Instead, they're contributing through efforts like the California Stem Cell Initiative. If the initiative passes in November, the political climate for embryonic stem-cell research will likely be more agreeable, at least in California."