Been there, done that, got the t-shirt worthless stock options. Not exactly what this group has done, but in the 90s I was part of a university spin-off company that experimented with a lot of similar flat speaker technologies. We also had designs that could be roll-printed and laminated together, although we mostly used plastic films rather than paper.

As mentioned above, to get low frequencies you need to move a lot of air. A thin device can only move a tiny distance (vs. several mm for a regular cone speaker), so you need to use a really big panel to get any bass response. If the back of the device allows air to pass through it then it becomes what's known as a dipole radiator, and that gives you an even steeper drop-off at low frequencies. If it's not vented then you have to deal with the surprisingly-high stiffness of the trapped layer of air. Devices like this also tend to be a mostly capacitive load, which is very hard on amplifiers that aren't specifically designed for it (it looks like a short circuit at high frequencies).

tl;dr it's a neat prototype but don't expect to see it at Best Buy any time soon.