We have established the Gobena Ameni Fondation in order to promote education, research and innovation in medical and agricultural sciences in Ethiopia. Specifically, at its present stage, the Foundation awards scholarship to 10 best performing undergraduate students of the Ambo University on yearly basis in order to promote academic excellence. In addition, the Foundation recognizes three young Ethiopian researchers (less than or equal to 40 years) who published their research findings on reputable international journals through awarding medal, certificate and modest amount of money on yearly basis. The Aklilu Lemma Foundation was used as the legacy for the establishment of this Foundation. Presently, the students’ scholarship is limited to students of the Ambo University while the research award is open to all young researchers from across Ethiopia. The plan is to expand the students’ scholarship to additional universities in the future based on the financial capacity of the Foundation. The resources used to establish this Foundation were generated from different sources including personal account, peridium of international travel, fund obtained from the sale of animals which completed research experiment. Because of the limited amount of fund, the beneficiaries of the Foundation are students and researchers who are engaged in the fields of Agriculture and Medicine. The Foundation is conducting its tasks in collaboration with the Ambo University mainly as Ambo district is the birth place of Gobena Ameni. The Ambo University has provided office to the Foundation and also co-administer the financial and other activities of the Foundation. Similar to this Foundation, we encourage Ethiopian scientists to establish similar foundations in collaboration with different national universities so that education, research and innovation are promoted in different regions of Ethiopia. Finally, we are grateful to those who helped in generating fund, developing the proposal of the Foundation, facilitation of its registration by the Ethiopian Civic Society and the implementation of its objectives at the Ambo University.