The document discusses challenges facing universities in the 21st century due to increased competition, changing student demographics, and evolving nature of knowledge. It notes competition from for-profit universities, corporate universities, and open universities. Today's "Millennial" students expect more interactive, collaborative and mobile learning compared to traditional lectures. The future of knowledge is also challenged as most major transformations in the past developed outside universities. Universities must adapt to preserve valuable knowledge while understanding and disseminating new knowledge in our digital global environment. How universities can remain central to this process is the greatest challenge.