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Knowledge and creativity have always played a key role in the economy. Since the 2000s, the relevance of the creative industries, a high-growth sector, has been pointed out as long as its strong and positive effects on jobs and economic growth. In the current context of rapid globalization and technological development, the innovation system is getting even more complex because it implies a shift in research focus from the supply to the demand side environment (consumption-driven economy). The authors focus on theoretical approaches coming from management and media studies able to explain the current paradigm shift in innovation and knowledge production and use: the Triple Helix model (and its developments) and the systems theory. As an interesting case study, the Creative Enterprise Australia is analysed according to the theoretical approaches shown. The paper tries to shed new light on the …