The purpose of this study was to identify the intellectual property strategy of S Corporation, a global leader in the bicycle components industry. S Corporation is known as the “Intel of the bicycle industry” due to its dominant market share. However, the actual investigation shows that both its business model and IP strategy are different from those of Intel. In addition, while the main products in the bicycle industry are rapidly shifting from road and mountain bikes to e-bikes, S Corporation, despite being a latecomer, has secured a certain market share in e-bike components as well. Therefore, we studied S Corporation’s IP strategy for acquiring the leading market share in bicycle components and for entering the e-bike market.