It depends on which credential you're talking about. For some programs, it would be enough to have a book plus a series of lectures, along with the labs to complete and the exams to take. But, there are a few problems that need to be solved, which are not specific to academia.
First is copyright. It's difficult enough to get through the copyright issues to produce printed lab material for a class; publishing online adds an additional layer: Material has to be licensed for unlimited distribution, in a way that is compliant with each country's copyright laws.
Another is communication. This is more important for some programs, particularly the programs where there is heavy discussion involved (instead of just lectures), you need seamless, high-quality, real-time communication between people. And I'm not talking about G.729, or Speex. I'm talking uncompressed wide-band G.722, with low jitter and no packet loss. And at least voice communications is essential, because there is so much information that is lost when communication goes text-only. Ideally the conversation would be video, because there is information lost when you go audio-only.
Both of these issues are things where the for-profit world needs to be leading the way.
Educational institutions will fight for looser copyright restrictions all the time, to the point where the people in charge tune it out. Lobbying is also harder (not impossible, but harder to do), because you can risk the 501(c) status. Having for-profit companies pushing for looser copyright restrictions for education would massively help, by reducing barriers and making people less nervous about distributing material without the threat of copyright claims.
As for communication, the distributed startups have been facing this problem head-on for some time, but I don't think there is a single Body of Knowledge that exists for the way to do one-way (lecture), two-way interactive (Q&A, office hours, etc.) and n-way collaborative (discussion session) most efficiently. It's one thing to talk about theory (we do that really well!), but the people in the startups are living this today. Give us the tried and tested Way To Do It, backed up by your experience.