He Also Did: The story was developed by Stuart Gordon, Brian Yuzna and Ed Naha. Gordon and Yuzna are known for the Re Animator series of horror movies, and Naha, who cowrote the screenplay, also worked heavily in the horror genre, writing, among other films, Dolls and Troll.
Sleeper Hit: Honey, I Shrunk the Audience was a surprise hit when it opened at Walt Disney World's Epcot park in 1994, running until 2010 there. It was so popular that the Imagination pavillion was rethemed to its "Imagination Institute" setting in 1999, though (thanks to Disney's penny-pinching at the time) it led to a case of They Changed It, Now It Sucks with regards to the Journey Into Imagination dark ride.
Stuart Gordon was originally intended to direct the first film and either Chevy Chase or John Candy would have starred. Candy was the one who recommended Rick Moranis for the part.
Honey, We Shrunk Ourselves was originally slated for a $40 million budget which got cut down to $7 million when Disney decided to try it as its first live-action direct-to-video release. Thankfully the fact that VFX technology was ten years ahead of the first film by that point, it still looks pretty good. The shrink machine effects are actually way more elaborate.