The idea of cone and belt type gears is certainly not new and is widely used in small mopeds for decades, but it's always going to be heavier and have more friction than a chain and sprocket type transmission.
For casul people riding bikes I can see a huge market here if the system can be produced at the same cost as the current systems.
For racers, however, it'll have to weigh no more than the current systems and it'll have to have no more friction either.