Born from the experience of the EU-funded H2020 B-WaterSmart project, the VeniVE Living Lab represents a strategic initiative to address innovation and water-smart challenges in the Venice and Veneto region. Its main goal is to unlock the untapped recovery potential in the regional water sector, involving various areas such as integrated water services, agriculture, industry, and urban environments. The primary focus is to maintain the collaborative, multi-stakeholder Community of Practice (CoP) environment created within B-WaterSmart, which supported the Venetian case study on wastewater reuse and sludge valorization. Through this multi-skilled environment, the VeniVE Living Lab aims to identify systemic recovery and valorization solutions and to develop strategic tools that standardize and allow the sharing of knowledge, as well as objectively identify challenges and opportunities. Bringing together key territorial organizations—authorities, universities, water sector associations, and end-users—it aims to ensure ongoing dialogue among governance, research, industry, and civil society, and to create the conditions needed for implementing innovative solutions. The VeniVE Living Lab also seeks to foster awareness and promote competency sharing to enhance decision-making and support rational, long-term planning.