I think your material story is strong, but as AVClub mentioned the design needs work. At the moment, other than having marketing on the package there is nothing that makes this pillow stand out.
There is a lot that can be improved in the ergonomics of today's U-shaped pillows (I am familiar with this category as I have designed a few recently). Think about how the user wears these, are there hot spots that design can help minimize (other than perf holes in the foam), really look at how the user interacts with these, and think of problems they might have. Be sure to not just put one on your neck while sitting at your desk, but sit in your car (somehting as close to an airplane seat as you can get) so you can see how it feels in a seat that has a head rest. Also have a few people who are different heights try any samples you might have.
I found a highly rated pillow that a colleague loved was horribly uncomfortable for me, because I'm taller and the headrest of the seat interferes with where the pillow sits on me.
I think if you give the form as much thought as you gave the materials you'd have a great project.