This is the kind of topic I wish audio mags and others would cover. Given my gear, I'm most familiar with the very different stories - both successful - of Bruno Putzeys and Eelco Grimm.I suspect this depends on who is the cash infuser. Designer creativity may be for nought if it is private equity or venture capital who is either ignorant about audio or seeking to sell pieces.
"Masimo, a medical tech company, lacks the expertise to run an audio business. They’re experts at hospital equipment, but high-end speakers are a different game entirely."
I see great success and perhaps frailty from brands started by creative individuals who built a company around themselves. It is sometimes hard for those companies to survive the retirement or passage of the founder. Some do long term planning for sucession and maintain continuity (David Wilson), some sell the company in hopes of carrying the brand forward which can be touch and go (William Z Johnson) or continue on under corporate ownership (JBL); some struggle for a while and fail (Theil). Will Magnepan survive Wendell Diller, Marketing Manager who suceeded Jim Winey creative founder? Will Atma-Sphere survive Ralph Karsten? Will Shunyata continue new product release when Caelin Gabriel retires? Dan D’Agostino moved on but Krell, who carried on for a while may be struggling after its owner, Rhondi Dagastino died in an accident.
It's not just aging consumers or younger fans looking for downsized mobility -- are there new creative designers who can create companies? In today's world are their talented budding enthusiasts looking to enter the high-end with the same passion and drive of industry pioneers?
Bruno is like a meteor: Grimm, Hypex/Mola Mola, Kii, Purifi. Can he establish or help establish companies? Yes, indeed. Are there a lot of products out there that use his designs. Yes, very much so (although some may not like it, he put Class D on the map).
Eelco might seem like more of an example of slow and steady, but that is only from the perspective of domestic hifi. Previous to the current success with active speakers, MU1, MU2, and now the phono stage, Grimm Audio supplied top flight digital gear (AD and clocks) to pro audio and thus recording studios. Eelco has his own label. He is an engineering professor inspiring the next generation (so is Guido Tent his partner in crime).
And there is the link: fine engineering schools. But why leave it to chance? Why not create the linkages between the steps similar to Danish Sound Cluster. It seems similar in some way to sports. With a large enough population the top talent emerges. With smaller populations, cultivation works well. [Edited]
So, back to audio. Perhaps it is the engineering schools that have been the drivers in the Netherlands, Denmark, Poland, etc., places that are producing good gear. If so, then we might answer in the positive to your query.