How is stem cell research funded?

In California, stem cell research is funded by $3 billion in public use bonds, approved by voters in November 2004. That ballot initiative created the California Institute of Regenerative Medicine (CIRM), which invests up to $350 million per year. Research is also funded by the NIH. Private sector funding does occur, but after the initial research phase. This makes federal and state funding critical for getting most research off the ground.