The Institute of Science and Technology Austria (IST Austria) is a young international institute dedicated to basic research and graduate education in the natural and mathematical sciences, located in Klosterneuburg on the outskirts of Vienna. Established jointly by the federal government of Austria and the provincial government of Lower Austria, the Institute was inaugurated in 2009 and will grow to about 90 research groups by 2026. IST Austria is modeled after and combines the methods of ETH Zurich, Weizmann Institute, and the Max Planck Society. The institute currently consists of 42 research groups. Its graduate school offers PhD degrees in Biology, Physics, Mathematics, Computer Science, Neuroscience and Data Science and Computation as part of its ISTScholar program funded by the European Unions Horizon 2020 research and innovation program and a Marie Sklodowska-Curie grant. As of 2015, 121 students were enrolled in the PhD program. IST Austria is an interdisciplinary research institution that aims to break down the traditional boundaries between disciplines. The focus is currently on basic research in the physical sciences, the formal sciences, and the life sciences. IST Austria fosters both theoretical and experimental research, with an emphasis on close and meaningful collaborations between the two camps.