Over the past two years, the authors have led a statewide initiative to create a virtual university. In this paper, they share two taxonomies for classifying virtual universities. The authors present their initial list of readiness criteria or those criteria that preferably need to be in place, and definitely should be addressed, before beginning a statewide virtual university effort. The authors also describe their key partners and how they have built a statewide partnership. This paper begins a discussion on identifying criteria for determining if a state (or region) is ready for a virtual university initiative.