[영문]In public debate, assisted reproductive technology use and human embryonic stem cell research are not obviously linked. However, both activities use human eggs and human embryos as the raw materials of their respective enterprises. In some cases, eggs and embryos produced for fertility purposes are transferred for use in research. In addition, commercial and medical practices developed in the context of the fertility industry are being adapted and used in the research setting. This article examines the material, practical, and normative links between the two activities. The analysis identifies the doctrine of informed consent as the legal constant. It shows how informed consent has expanded in function; it not only protects patient interests but also transfers commercial benefit to the enterprise, whether that be the fertility industry or the research enterprise. The expanded role for informed consent locates both activities within the world of biotechnology, where adequate disclosure in the consent process is the key to transforming human cells and tissues into capital.