This report of Virginia's Commission on the University of the 21st Century first examines the changes occurring within Virginia in its transition from an agricultural/industrial state into one heavily involved in information and technology. Next, the need to increase literacy in mathematics, science, and technology is discussed, as is the need to increase students' ability to use sophisticated technology. Potential effects of technology on academic life and the college/university environment are also examined. Additional sections consider: (1) the problems and concerns caused by a currently aging academic faculty and ways to improve faculty vigor; (2) the need for Virginia to recognize and foster unsponsored research and acknowledge the value of research being done in the state's colleges and universities; (3) the more complex relationships that will exist between society and universities in the next century; (4) the need to make faculty feel like a part of the university or college rather than affiliated only with a specific discipline or department; (5) issues surrounding autonomy, diversity, and cooperation; and (6) the need to reward cooperation, risk-taking, and innovation in higher education governance. Recommendations concerning issues of change and growth conclude the report. (GLR)