KAIST is a national research university located in Daedeok Innopolis, Daejeon, South Korea. KAIST was established by the Korean government in 1971 as the nation's first public, research-oriented science and engineering institution. KAIST has been internationally accredited in business education, and hosts the Secretariat of the Association of Asia-Pacific Business Schools (AAPBS). KAIST has 10,504 full-time students and 1,342 faculty researchers and had a total budget of US$765 million in 2013, of which US$459 million was from research contracts.