Is higher education on the verge of a leadership gap? Unless higher education administrators specifically develop leaders capable of meeting those challenges, the coming years present the real possibility of a leadership vacuum in higher education. Those of them who lead, support, and govern colleges have a responsibility to actively cultivate a new generation of university presidents imbued with the capacity to meet the new order of challenges that are on the horizon. This article presents six challenges or megatrends that promise to make the already difficult work of leading a college considerably more demanding. These trends have already transformed the competitive environment for the nation's colleges and universities--and now are placing new demands and requirements on presidents who aspire to be effective leaders.