The living lab (LL) is an open innovation ecosystem serving to provide opportunities for local stakeholders to practice research and to experiment with meaningful improvements for cities and other organizations. Living labs aim at involving the user as a cocreator. In this article the relationship between the LLs and a variety of stakeholders is discussed. Aspects of the leadership structures of LLs are critically analyzed and discussed, identifying opportunities and challenges. Examples of a LL in action are given. Recommendations for future development of the LLs are discussed in the concluding part of the article.