In the current context of economic crisis, the European Union seeks to promote the integration of the vocational education and training system (VET) system and foster greater cooperation between this system and enterprises. Education and innovation are part of the answer to achieve this goal. This research explores the relationship between the VET centres and small and medium-sized enterprises (SMEs), and what aspects of that relationship could be improved. Methodologically, it combines case studies of VET centres in relation to local SMEs and the use of a survey to SMEs in two industrialised Spanish regions. The paper examines, in the context of the regional innovation system approach, how the local environment and the characteristics of local actors are crucial to understanding the level of interaction between the VET system and companies, and the contributions of the former to the innovation system of the regions.