Folding bicycle helmets are nothing new, nor are electronically-augmented "smart" helmets. The Woolf, however, is claimed to be the first product to combine the best aspects of both helmet types in one wearable device.
Currently the subject of a Kickstarter campaign, the Woolf helmet was appropriately enough invented by British cyclist/entrepreneur Jeff Woolf. He previously brought us the "non-smart" folding Morpher helmet.
Like that model, the Woolf looks and functions much like a regular ABS-shell helmet when you're wearing it. Once you take it off and wish to stow it in a bag, however, you just push in on it from both sides with your hands.
Doing so triggers a magnetic quick-release mechanism, reportedly allowing the helmet to fold down to a width of just 3.25 inches (83 mm) in less than one second.

Despite its ability to fold, the helmet is still claimed to be plenty safe, with Jeff Woolf stating that it will be granted both CE EN 1078 and CPSC certifications (for Europe and the US, respectively) before shipping to backers.
It has the same impact-absorbing expanded foam liner as most helmets, plus it packs a MiPS-like Energy Reduction Technology (ERT) system that uses polymer pads to mitigate rotational forces on impact.

But what's so smart about it?
Well, for one thing, it has lights. There's a wrap-around strip of white LEDs in the front, along with a strip of amber ones in the rear (we should point out that the unrelated Fend Super folding helmet also has light strips). Those LEDs don't just sit there and shine, however.
Thanks to an integrated IMU (inertial measurement unit), tilting your head twice to one side causes the front and rear lights on that side to start blinking, serving as illuminated turn indicators. That IMU also detects sudden decelerations, causing the rear LEDs to brightly illuminate brake-light-style.
What's more, if the IMU detects an accident-like impact to the helmet, it will trigger an app on your paired smartphone to message both a predetermined contact and emergency services with your location. That said, the app does wait 30 seconds before doing so, giving you time to stop it in the event of a false alarm.

All of the electronics are IP65 waterproof, meaning they can withstand low-pressure jets of water from all directions. A single 1.5-hour charge of the 500-mAh lithium-ion battery should be good for 2.5 to three hours of lighting. The whole helmet is claimed to tip the scales at 1.2 to 1.27 lb (550 to 580 g), depending on the size.
Assuming everything works out, a pledge of US$99 will get you a Woolf helmet of your own – the planned retail price is $219. Its functions are demonstrated in the following video.
Sources: Kickstarter, Woolf Helmets