  We investigate the exclusive proton-induced $K^+$ production near the kaon
threshold. Compared are two models: a meson-exchange model, which includes
$\pi$, \rho$, $K$ and $K^\ast$ exchange, together with the dominant baryon
resonances, and a quark-gluon model, where momentum sharing is provided via the
exchange of two gluons. Based on covariant bound state wave functions for the
meson and the baryons - which we treat as quark-diquark objects - first results
for the $pp\to p\Lambda K^+$ total cross section are presented for both models.
