The field of medical physics has struggled with the role of research in recent years, as professional interests have dominated its growth toward clinical service. This article focuses on the subset of medical physics programs within academic medical centers and how a refocused academic mission within these centers should drive and support Discovery and Invention with Ventures and Engineering for Research Translation (DIVERT). A roadmap to a DIVERT‐based scholarly research program is discussed here around the core building blocks of: (a) creativity in research and team building, (b) improved quality metrics to assess activity, (c) strategic partnerships and spinoff directions that extend capabilities, and (d) future directions driven by faculty‐led initiatives. Within academia, it is the unique discoveries and inventions of faculty that lead to their recognition as scholars, and leads to financial support for their research programs and reconition of their intellectual contributions. Innovation must also be coupled to translation to demonstrate outcome successes. These ingredients are critical for research funding, and the two‐decade growth in biomedical engineering research funding is an illustration of this, where technology invention has been the goal. This record can be contrasted with flat funding within radiation oncology and radiology, where a growing fraction of research is more procedure‐based. However, some centers are leading the change of the definition of medical physics, by the inclusion or assimilation of researchers in fields such as biomedical engineering, machine learning, or data science, thereby widening the scope for new discoveries and inventions. New approaches to the assessment of research quality can help realize this model, revisiting the measures of success and impact. While research partnerships with large industry are productive, newer efforts that foster enterprise startups are changing how institutions see the benefits of the connection between academic innovation and affiliated startup company formation. This innovation‐to‐enterprise focus can help to cultivate a broader bandwidth of donor‐to‐investor networks. There are many predictions on future directions in medical physics, yet the actual inventive and discovery steps come from individual research faculty creativity. All success through a DIVERT model requires that faculty‐led initiatives span the gap from invention to translation, with support from institutional leadership at all steps in the process. Institutional investment in faculty through endowments or clinical revenues will likely need to increase in the coming years due to the relative decreasing size of grants. Yet, radiology and radiation oncology are both high‐revenue, translational fields, with the capacity to synergistically support clinical and research operations through large infrastructures that are mutually beneficial. These roadmap principles can provide a pathway for committed academic medical physics programs in scholarly leadership that will preserve medic...