Governments are becoming increasingly aware of the important contribution that high performance world-class universities make to competitiveness and economic growth. As a result, there is growing recognition of the need to establish world-class universities that can compete effectively with the best of the best. This book explores what are the challenges involved in setting up globally competitive universities, also called elite , or flagship universities. The document starts by attempting to construct an operational definition of a world-class university. It then outlines possible strategies and pathways for establishing such universities, and reviews the challenges, costs and risks associated with each approach.