The Economist paints a gloomy picture of the state of private and venture funding for stem cell research and commercialization: "Just over $1 billion was spent on stem-cell work last year, a mere 1% of global spending on health-care [research and development]. More than four-fifths of that investment came from governments. Venture capital, the traditional engine of biotechnology, is remarkably scarce in stem cells. Only $50m was pumped into the field last year, as private investors look for safer bets in more developed products with larger markets, where regulation and patent protection is more clearly defined. ... there are now roughly 140 stem-cell-related products in development, for various forms of cancer, liver disease and other conditions. But more than four-fifths of these projects are in early-stage development, where many a gleam in a scientist's eye dies."