KAIST (formerly the Korea Advanced Institute of Science and Technology), is located in Daedeok Innopolis, Daejeon, South Korea. KAIST was established by the Korean government in 1971 as the nation's first research oriented science and engineering institution. The QS-The Times World University Rankings in the year of 2009 placed KAIST 69th overall and 21st in technology. KAIST was founded with government funding and was initially staffed with a number of Korean engineering and science talents educated in the United States. From the onset, the emphasis has been in theoretical as well as applied research. KAIST continues to be Korea's foremost center of strategic research and development (R&D) projects. The University helped pioneer the establishment of competitive research oriented graduate school programs in Korea. The University's some 540 faculty conducts research in cooperation with academies and industries all over the world. KAIST offers grants and fellowships to international students. KAIST president, Nam Pyo Suh, is an authority in axiomatic design technology.