Artificial intelligence (AI) and machine learning (ML) are driving innovation in biosciences and are already affecting key elements of medical scholarship and clinical care. Many schools of medicine are capitalizing on the promise of these new technologies by establishing academic units to catalyze and grow research and innovation in AI/ML. At Stanford University, we have developed a successful model for an AI/ML research center with support from academic leaders, clinical departments, extramural grants, and industry partners. The Center for Artificial Intelligence in Medicine and Imaging uses the following 4 key tactics to support AI/ML research: project-based learning opportunities that build interdisciplinary collaboration; internal grant programs that catalyze extramural funding; infrastructure that facilitates the rapid creation of large multimodal AI-ready clinical data sets; and educational and open data programs that engage the broader research community. The center is based on the premise that foundational and applied research are not in tension but instead are complementary. Solving important biomedical problems with AI/ML requires high-quality foundational team science that incorporates the knowledge and expertise of clinicians, clinician scientists, computer scientists, and data scientists. As AI/ML becomes an essential component of research and clinical care, multidisciplinary centers of excellence in AI/ML will become a key part of the scholarly portfolio of academic medical centers and will provide a foundation for the responsible, ethical, and fair implementation of AI/ML systems.