||For a number of years there has been intensive search for an experimental system which exhibits the spin liquid state, or a reasonably simple Hamiltonian which supports a fractionalized ground state. There has been promising recent developments on both fronts. I shall review some experimental data on the organic compound kappa-(ET)_2Cu_2(CN)_3 and the theory which suggests that a spin liquid state may be stable near the metal-insulator transition in the Hubbard model on a triangular lattice. I shall also describe a model of exciton condensation with orbital degeneracies which exhibits fractionalization. In this model the fractionalized particle and the emergent gauge field can be visualized physically in a world line picture. Furthermore, the model can be simulated by quantum Monte Carlo without sign problems.