Historically, the teaching work of a college or university has involved the combination of three fundamental elements: faculty, curriculum, and credentials. For centuries, universities have thrived in large measure because of their ability to join these distinct elements into a compelling, place-bound educational experience where students sit with faculty to study a curriculum and earn a degree. Together, these elements have comprised a value chain -- a set of interlocking services that have been transacted in such a way as to provide more value in combination than they might have independently. Recent and potentially disruptive innovations within higher education, however, suggest that new forms of value are emerging that could undo the traditional higher education value chain. Organisations like 'University of the People', 'Across World', and 'University Now' among others, are already reimagining what the higher education value chain might look like and are employing radically different business models to accomplish their work.