Colleges and universities have three options. First, they can eagerly embrace the Internet and distance learning and make, alone or in combination, a major commitment to entering the marketplace. This requires a multimillion-dollar investment. It assumes that the institution's reputation is of such quality, its products are so good, and its tuition is so affordable that students will choose the institution over the plethora of other possibilities. It assumes too that the institution can learn from examples like Phoenix and can avoid the mistakes that cost many colleges and universities so much in the past. Finally, this option also assumes that it is not too late to enter this market. Second, colleges and universities can wait. They can monitor what is happening, experiment with distance learning, and seek to enter the marketplace after many of the initial entrants have made their mistakes and left the field. This option is certainly safer, but the fact is that the country will not need hundreds of distance learning educators. Only a small number of major providers will be required, with the greatest rewards going to the successful early providers. Third, colleges and universities, particularly residential colleges, can reject the idea of distance learning in favor of creating the best-possible brick campuses for their students. Many students and their families continue to want face-to-face, campus-based educations. In this option, technology and the Internet would be used principally to enhance the residential experience. Each institution has to make a decision about which approach to take. Not to make a decision is to put the institution at risk.