Using the Quark-Gluon Strings Model -- combined with Regge phenomenology -- we perform a comparative analysis of $Lambda$, $Sigma^0$, $Lambda(1520)$ and $Theta^+$ production in binary reactions induced by photon, pion and proton beams on the nucleon. We find that the existing experimental data on the $gamma p to K^+ Lambda$ differential and total cross sections can be described very well by the model for photon energies $1 - 16$ GeV and $-t < 2$ GeV$^2$ assuming a dominant contribution of the $K^*$ Regge trajectory. Moreover, using the same parameters we also reproduce the total $gamma p to K^+ Sigma^0$ and $gamma p to K^+ Lambda(1520)$ cross sections suggesting a universality of the Regge model. In order to check the consistency of the approach we evaluate the differential and total cross sections for the reaction $pi^- p to K^0 Lambda$ which is also found to be dominated by the $K^*$ Regge trajectory. Using the apparent universality of the Regge model we extend our scheme to the analysis of the binary reactions $gamma p to bar{K}^0 Theta^+$, $pi^- p to K^- Theta^+$ and $pp to Sigma^+ Theta^+$ as well as the exclusive and inclusive $Theta^+$ production in the reactions $pp to p bar{K}^0 Theta^+$ and $pp to Theta^+ X$. Our detailed studies demonstrate that $Theta^+$ production does not follow the universality principle thus suggesting an essentially different internal structure of the exotic baryon relative to conventional hyperons or hyperon resonances.
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