I agree with Vodkaman. There are new baits and products every year. A lot are recycled ideas but there are always a few that are new and unique. I feel that when guys say there are no new ideas,they are using that as an excuse to steel somebody else's idea or they just can come up with anything new. At the very least there are improved materials and components. Look at swimbaits today. Those old lures look like kids toys compared to todays realism. You may argue that they share similar designs but they are so vastly improved.
There are a couple ways to be successful in the fishing product business.
#1 make a good a product with the cheapest price. Guys will buy it.
#2 is make the best. There will always be a market for the best of anything. If you make the best you can charge what you want.
If your somewhere in between then it gets real tough.
You guys want to get rich? I'll give you an idea I have had for over 30 years.
Make a clear hook. Make it like fluorocarbon. Make it strong enough and make it stay sharp. If you can make a clear hook that's 80% comparable to a steel hook, you would be very wealthy.
That would certainly be something new!