How badly does the world need this type of aircraft?
The USA's special forces wanted a vertical takeoff / landing / high speed transport many, many years ago, to replace their relatively slow helicopters. They obviously still do need them, as the first models in service have been introduced only a relatively short time ago, straight into an operational theatre.
Had
this concept been developed, rather than far more complicated tilt rotor, it could possibly have been in service for a very long time. Fairey did it first 50 years ago and actually had it ready for service before the plug was pulled, arguably mainly for political reasons.
Also, it could fit onto small helipads more easily and therefore might be more acceptable to corporate owners, if the tip-jet noise issues could be resolved.
It would only need to fly at 250 kts to be a winner in UK (250 kts being the maximum allowed speed outside controlled airspace). I could certainly imagine a 5 or 6 seater replacing many current helicopters, if the price and operating costs were good. With a far less complicated transmission, it ought to be less.