Creative products such as books, films, music and design objects are an increasingly significant sector of modern advanced economies. The processes required to develop these new products are often complex, as they require creative individuals to work with businesses (that are often seeking a commercial return on any investment). Traditionally, research has focussed on the processes and review points that could improve the likelihood of success of new creative products. This paper argues that an alternative theoretical perspective may benefit participants and researchers understand the process of innovation: Value exchange theory. This theory considers equivalent exchange to underpin (voluntary) transactional interactions between parties. Data collected from participants involved in four creative innovations (two books and two pieces of public art) are presented. This data suggests transactions can be reciprocated, however that there are also a number of significant non-reciprocated transactions. The paper concludes that researchers should consider the possibility of the gift if they are to understand the process of innovation in the creative industries.