This article links up with the debate in economic geography on "local buzz" and "global pipelines" as two distinct forms of interactive knowledge creation among firms and related actors and argues for a rethinking of the way social scientists should approach interactive knowledge creation. It highlights the importance of combining the insights from studies of clusters and innovation systems with an activity-oriented approach in which more attention is paid to the specific characteristics of the innovation processes and the conditions underpinning their organization. To illustrate the applicability and added value of such an alternative approach, the notion of embeddedness is linked with some basic ideas adopted from the literature on knowledge communities. The framework is then applied to a study of innovation activities conducted by firms and academic research groups working with biotechnology-related applications in the Swedish part of the Medicon Valley life science region. The findings reveal that local buzz is largely absent in these types of activities. Most interactive knowledge creation, which appears to be spontaneous and unregulated, is, on closer examination, found safely embedded in globally configured professional knowledge communities and attainable only by those who qualify.