KAIST (formally the Korea Advanced Institute of Science and Technology) is a public research university located in Daedeok Innopolis, Daejeon, South Korea. KAIST was established by the Korean government, with the help of American policymakers, in 1971 as the nation's first research-oriented science and engineering institution. KAIST also has been internationally accredited in business education.[4] KAIST has approximately 10,200 full-time students and 1,140 faculty researchers and had a total budget of US$765 million in 2013, of which US$459 million was from research contracts.[1] From 1980 to 2008, the institute was known as the Korea Advanced Institute of Science and Technology. In 2008, the name was shortened to "KAIST".