Over recent years, we have witnessed the rise of the creative industries, to the point that the creative sector is now recognized by government and industry as being vital to the nation's economic and social wellbeing. While this increasing attention brings rewards and credibility for those participating in the creative industries, it also raises concerns. What does it mean to refer to creativity as an industry? What are the implications of applying business thinking to the process of artistic creation? From March to July, a graduate class at the University of Waikato - Marketing & Creative Industries - explored such issues via a range of research projects. This presentation brings these projects together and, via a panel, critiques the nature of the New Zealand creative industries as a way to develop an understanding of the complex relationship between commerce and creative ventures.