A new knowledge management perspective and tool, ANT/AUTOPOIESIS, for analysis of knowledge management in knowledge-intensive organizations is presented. An information technology (IT) research and innovation co-operation between university actors and companies interested in the area of smart home IT applications is used to illustrate analysis using this perspective. Actor-network theory (ANT) and the social theory of autopoiesis are used in analyzing knowledge management, starting from the foundation of a research co-operation. ANT provides the character of relations between actors and actants, how power is translated by actors and the transformation of relations over time.  The social theory of autopoiesis provides the tools to analyze organizational closure and reproduction of organizational identity. The perspective used allows a process analysis, and at the same time analysis of structural characteristics of knowledge management.  Knowledge management depends on powerful actors, whose power changes over time. Here this power is entrepreneurial and based on relations and actors’ innovation knowledge.