Massive Open Online Courses (MOOCs) potentially challenge the traditional dominance of brick and mortar institutions as providers of quality higher education. The benefits for students include reduced education costs and global access to exclusive institution courses and instructors. However, the benefits for institutions are less clear as there is a financial overhead required to develop and deliver content that is suitable for mass student consumption. In this article we examine the opportunities that MOOCs provide and identify several different business model challenges for offering MOOCs.