This paper presents an initial design assessment of a series of novel, cost-effective, and hybrid composite materials for applications involving high velocity impacts. The proposed hybrid panels were designed in order to investigate various physical phenomenon occurring during high velocity impact on compliant laminates from a previous study on Dyneema® and Spectra®. In the first, screening phase of the study twenty different hybrid composite laminates were impacted with 20 mm Fragment Simulating Projectiles at 1 km/s striking velocity. The best performing concepts were put forward to phase II with other hybrid concepts involving shear thickening fluids, commonly used in low velocity impacts. The results indicated that it is possible to design hybrid laminates of similar ballistic performance as the reference Dyneema® laminate, but with lower material costs. The optimal hybrid concept involves a fibre reinforced Polypropylene front and a Dyneema® backing.