Try one of solutions:
;
with Q as
(
select mycolumn, charindex('<', mycolumn) as a, charindex('>', mycolumn) as b
from MyTable
union all
select s, charindex('<', s) as a, charindex('>', s) as b
from Q
cross apply (values (stuff(mycolumn, a, b - a + 1, '' ))) t(s)
where b > a
)
select *
from Q
where a = 0
option (maxrecursion 0)