This paper analyses the role played by institutional arrangements around the innovation of processes and products, calling the attention to the new media sector. Such arrangements are characterized by the emergence of networks. The constitution of interinstitutional networks is relevant because of the capacity to, potentially, give a new configuration to the kind of innovation made as well as to the economic and social results. We are following a neo-institutional approach and, so doing, present contributions to the theoretical literature on the innovation process, especially of some authors still not very well known in Brazil.