We perform a comparative case analysis of four working Living Labs to identify their common functions. Theoretically, we ground our analysis in terms of how they function, their processes of exploration and exploitation, where they work in the innovation strata and how new socially negotiated meanings are negotiated and diffused. Our research highlights four novel insights: first, Living Labs function at the low- and mid-level innovation strata; second, Living Labs are technologically agnostic; third, Living Labs use context based experience to surface new, socially constructed meanings for products and services; and finally, Living Labs are equally focused on exploration and exploitation.