Over the last twenty years, tertiary education in Australia has radically changed. Major growth in the sector and federal government policy and funding changes have resulted in an increase of providers and a diversification of the quality of education available on the market, particularly in vocational education. Although change presents insecurity and ambiguity for education providers, it also presents an opportunity for proactive and adaptable providers to transform and disrupt the sector by designing an innovative value creation strategy to diversify or target their offering. To understand the current landscape, this paper explores the business models of 50 Australian tertiary education providers and groups these into seven business model typologies. Focusing on public vocational education providers, the paper identifies the ability of their current business model to meet skills-based gaps in the future, including their future customers, and states potential 'white space' opportunities for innovation.