there are times when an initiative is mislabeled as a product and it would be easier and more time efficient to correct if you could just convert the product to an initiative. It saves time.
Thank you for your idea. One option to make the current process more efficient would be to add the new initiative, then use bulk edit to assign any records you have already created under the product to the initiative.
At this time, given the bulk edit capabilities and current priorities we are unlikely to implement this idea. We hope you can understand.