POSCO CEO Park Tae-joon was quoted as saying, "You can import coal and machines, but you cannot import talent". Park realized the need for Korea to educate their youth in science and technology to ensure Korea's position in the high technology arena. Park founded the Pohang University of Science and Technology (POSTECH) in 1986 as Korea's first science and technology research-oriented university with the mission to educate young Koreans who can contribute to national prosperity through the advancement in science and technology. In 2012 and 2013, the Times Higher Education ranked POSTECH 1st in their "100 Under 50 Young Universities" rankings.