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It seems like an iteration with a plastic coating could make this a product with a longer life.

And then use expanded polystyrene for its superior ability to absorb energy.

Here's a previous design project paper bike hat that apparently already failed to get to market:

I guess this one also won't meet safety standards and won't ever be for sale.

Well that helmet looks pretty ugly and has no venting. This paper-board honeycomb helmet looks better and is well vented.