Bicycles are a great area for patenting ... and there are lots of boutique bike and bike component/accessory makers who compete with the big bicycle manufacturers. However, the more that new innovative technology created by smaller players is seen to be driving their sales, the more attractive it is for their competitors (small and large) to muscle in with their own versions.   

One tactic that can help stall agressive competition can be to not just file one patent application but to file a few to try to create a thicket and gain some control over how close your competitors can get to your technology.   As the post below shows, a lot of speculation might result when the patent applications are published, but this can also be beneficial.

So do bear in mind that whilst a pending patent application is very useful and may definitely help attract investors to make your idea a reality, it may not be the be all and end all of your patenting activities.  For example, think of all the technical challenges which need to be overcome to get to a working prototype.  If a patent only ends up protecting the "best" solution, what about the "also ran" versions?  These might be more than quite good even though they were not the "best".  The door could be wide open for competitors to come and offer rival products which use the "also ran" innovative technology if this is not covered by some form of IP protection. 

Whilst having one patent filing shows you have faith your tech is truly innovative, having two or more patent applications pending could show that you are thinking strategically about next steps to protect your success or, possibly, that you just like befuddling your competition ...