KAIST, formerly 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 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.