This was the premise of the conference held at Mt. Holyoke College during 21-22 June, 2013, and this circle of ideas is brought forward in this volume. The conference brought together diverse points of view, from NSF administrators, leaders of university-wide honors programs, to faculty who had led REUs, recent PhDs who are expected to lead them soon, and students currently in an REU themselves. The conversation was so varied that it justifies a book-length attempt to capture all that was suggested, reported, and said. Among the contributors are Ravi Vakil (Stanford), Haynes Miller (MIT), and Carlos Castillo-Chavez (Arizona, President's Obama Committee on the National Medal of Science 2010-2012). This book should serve not only as a collection of speakers' notes, but also as a source book for anyone interested in teaching mathematics and in the possibility of incorporating research-like experiences in mathematics classes at any level, as well as designing research experiences for undergraduates outside of the classroom.