On February 9 and 10, 2010, fifty leaders from colleges, universities, corporations, professional associations, and state networks met in Tempe, Arizona, to discuss cloud computing and the impending shift in the mix of where infrastructure, applications, and services are sourced. This group identified a set of actions that colleges and universities could take to prepare for what these leaders concluded was a promising, risky, and inevitable shift. Participants also identified actions that EDUCAUSE, NACUBO, and other higher education associations might undertake to educate their stakeholders and to identify practices that might mitigate some of the risks inherent in sourcing "above the campus". Most important, the leaders at this February 2010 meeting identified the likely timeliness for catalyzing the emergence of an entity or entities that would aggregate demand for above-campus services. In this article, six higher education and corporate leaders offer their perspectives on the promise and peril that may lie ahead for cloud computing and above-campus services.