What if being world-class is bad for universities? By playing the status game, UK higher education has forfeited public trust and our right to growth. What other sector would stall in an era of surging demand, as our addressable market expands from young people to all adults? We need new forms of higher education to maintain our share of the massive global increase in tertiary education. This will expand the British economy. And it will help the whole population adapt to rapid social and technological change. Written for academic leaders, policymakers and regulators, this HEPI report applies business-model thinking to the university sector. It offers actionable recommendations to rebalance the system, calling for compelling new value propositions and new definitions of excellence in higher education.