Increased marketisation and competition has renewed interest in how universities can partner, or co-create, with students. To address this, and further conceptualise a model of co-creation across inputs, processes, and outcomes, this article summarises the findings from 10 different case studies of student-staff co-creation (e.g., co-producers of learning resources, peer mentors, co-creators of the curriculum) in the Australasian higher education context. Our data include qualitative survey responses (n=97) and interviews (n=35) with students and staff. Based on these data, we present an evidence-informed model of co-creation that elucidates the key considerations in the co-creation process. The model highlights and distinguishes two dual-value creation dimensions that underlie co-creation, co-production, and value-in-use. The result is a model of co-creation in higher education that can help guide administrators, researchers, and higher education stakeholders to better conceptualise, design, implement, and assess co-creation activities.