Daedeok Innopolis, formerly known as Daedeok Science Town, is the research and development district in the Yuseong-gu district in Daejeon, South Korea. Daedeok Innopolis grew out of the research cluster established by President Park Chunghee in 1973 with the opening of the KAIST. Over 20 major research institutes and over 40 corporate research centers make up this science cluster. Over the last few years, a number of IT venture companies have sprung up in this region, which has a high concentration of Ph.Ds in the applied sciences.