This article explores the information systems development (ISD) process when ISD follows a living lab approach. A living lab is an innovation development approach in which stakeholders are involved in cocreating, implementing, testing and adopting innovations in a real-life setting. Several aspects of living lab settings, such as the voluntary nature of user engagement, the real-life context of innovation development and the resulting difficulty of observation, and the immaturity of innovation in living lab activities, influence the ISD process in living lab settings. Accordingly, the aim of this paper is to understand how the ISD process is shaped when ISD follows a living lab approach. The aim will be achieved by conducting four participatory knowledge generation workshops as the primary sources of empirical data in the context of three European projects (namely, AdaptUrbanRail, UNaLab, and LiLaCC) as well as an international conference (DLLD20). A SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis of the ISD process following the living lab approach will also be presented.