The advent of Scientific Foundation Models (SciFMs) heralds a transformative era in research and innovation, representing a paradigm shift in how scientific inquiry and application are conducted. SciFMs are based on large-scale generative AI models that can be adapted to several downstream tasks in scientific discovery, and medical and engineering innovations. The opportunity presented by SciFMs lies in their potential to serve as comprehensive platforms for interdisciplinary collaboration, seamlessly integrating diverse knowledge domains and enabling unprecedented levels of cooperation across the global scientific community. These models have the potential to accelerate discoveries and technological advancements, bridging gaps between theoretical research and practical applications, and catalyzing progress in addressing some of the most pressing challenges of our time.