Information systems development is a complex, knowledge-intensive process. Companies struggle with achieving IS development goals of delivering information systems within time, on budget, and with promised functionalities. This paper suggests that to achieve these goals, IS development teams need to cultivate a climate of collective ownership in the team. We collect qualitative data and use a multimethod approach combining multi-case study and grounded theory techniques to understand the collective ownership concept in the context of agile software development. We find that collective ownership in IS development varies from the standard conceptualization found in the literature. Collective ownership is manifested as more of a balanced, collaborative approach where the original developer is involved throughout the process and is empowered through inclusion in the process of change. We find that overall, individual ownership helps collective ownership but, in some scenarios, it may also impede ownership at the collective level. We also find that there is a reciprocal relationship between collective ownership and collaboration, and that perceived control and a shared understanding of the tasks also help develop ownership at the collective level.