Living Labs (LLs) are now well-recognized in the development and commercialization of science—that is taking emerging discoveries from research labs to the industry. Whereas their widespread interest seems encouraging, it has been complicated by some inconsistencies regarding what LLs actually are, what types of activities they (should) support, and under what conditions. We conduct a meta-synthesis of 41 LL application patterns, supplemented by an in-depth empirical case study—the application of a MedTech LL in healthcare—to examine effective practices for organizing collaborative innovation within the science-industry nexus. By studying what worked best and under what conditions, we present a typology of eight design elements that underlie four unique LL models. Our analysis reveals that although these different models do fit under the same umbrella concept, they vary in the roles they serve in the collaborative innovation process. Most notably, we find that organizations need to navigate between these models as the collaboration moves from idea inception into impact. Our results offer relevant insights for understanding new forms of organizations for science-industry relations. We discuss practical implications for LL managers, researchers, and sponsoring institutions and conclude by outlining promising areas for future research.