Regarding the current economic situation, Rahm Emanuel said, “You never want a serious crisis to go to waste.” Whether or not this is good government policy is debatable; but nothing could be truer in the field of New Product Development.

At Davison, we are seeing more new product acquisitions and licensing right now than we have in over a year. That’s because many corporations are seeking to be more innovative so they have more to offer than their competitors during the economic downturn.

For anyone who’s ever gone to retail buyer meetings, you already know the first thing buyers ask is, “What’s new?” We’re thrilled that is the foremost question because our corporate clients are ready with answers. They are perceived as companies of innovation when they license new products from us.

The word “stimulus” is thrown around again and again from a government perspective, but it also has significance from a retail perspective. In other words, retailers want to provide consumers with some stimulus, such as the opportunity to see and purchase cutting-edge new products when walking down the aisles of their stores.

When we start seeing orders for 90,000 Party Travelers and thousands of Meatball Bakers (ideas of individual clients that we converted into licensed products) right out of the gate, that is a major stimulus going on!

Retailers and marketers are looking for innovative new products that will help them capture market share. In other words, “out with the old and in with the new.” Everyone seems to be up for change right now, and that’s a breath of fresh air when you’re in the new product business.