It's 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. 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. 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".