"Nonsense. VCs fund a great deal of research, along with companies of various sizes, including stem cell research."
I'm with Holger on this. While some private money is spent, it is swarfed by govt spending (eg NIH spending at near $40 billion). VCs much rather spend our money than theirs ... that is what the Cali stem cell boondoggle was all about: Taxpayers footing the bill for research.
Which is to say that the VCs do put money into research, but would rather the taxpayers do so. Who can blame them!