The impact that economic crises have on firms is profound. Such events affect the extent to which firms invest in innovation. This exploratory study aims to investigate to what extentfirms emphasize exploratory and exploitative innovation as a result of economic crises. The study further aims to examine the presence of a rigid or risk-seeking response, in terms of innovation, as a result of the crisis. Through analysis of the contents of the CEOs’ letters to theshareholders, I captured the firms’ emphasis on exploratory and exploitative innovation in a sample of 14 large Swedish firms, three years before and after the crisis and examined the presence of a rigid or risk-seeking response, by comparing both periods. The findings indicate a short-term rigid response as well as no indication of a risk-seeking response. The study contributes to the body of knowledge about how economic crises impact the firms’ emphasis on investing in innovation, a field lacking a consensus among authors.