The advent of faculty development centers that focus on the improvement of teaching skills and better understanding of student learning concepts dates back to the 1960s. These centers were initiated from a realization that the effectiveness of a faculty member resulted from growth and maturity over time and that certain support systems were necessary for this evolution to take place. Teaching and Learning Centers (TLCs) have traditionally focused on direct contact with faculty in an effort to improve teaching skills and transfer knowledge about student learning. TLCs have been charged with keeping up with the latest teaching trends and acting as a catalyst to bring about needed change, moving the faculty and the institution from old pedagogical models to new ones. Over a fifty-year time span, TLCs on college campuses have grown in total number. However, some centers have disappeared due to budget cuts, while others have been changed to reflect different visions and missions. For TLCs to survive and prosper in the changing higher education environment, it is important for them to identify and promote the "value" they provide to various stakeholders. This article examines the nature of that value and focuses on a concept borrowed from the business world, specifically, "cocreation of value" (CCV). By having a better understanding of value and how to cocreate it with various stakeholder groups, it is argued that TLCs can best deliver on their promise of helping the maturation process of faculty and realize their potential to serve as needed agents of change in higher education.