Business model innovation is one of the most challenging components of 21st-century leadership. Making incremental improvements to a business model--creating new efficiencies, expanding into adjacent markets--is hard enough. Developing and experimenting with new business models that truly transform how an institution delivers value (while continuing to drive the performance of the current business model) is exceptionally difficult. Yet nowhere is the imperative for business model innovation more prevalent or more relevant than in higher education, which is under intense scrutiny and facing rising costs and potential disruption from all angles. To compete in a world where the shelf life of business models is shortening, higher education leaders need the tools, skills, and experience to envision, test, and implement new business models. If they are to design a student experience for a 21st-century educational system in which all students can succeed--regardless of learning style or life circumstance--then they must bring students' experience to life through business model innovation. (Contains 7 notes.)