Yes, and no. He can make sufficient material changes to his design that it would be very easy to make a case that it is not the same as the project bike; he can claim he abandoned that concept because he ran out of money. He could then take the concept to investors and come back with something else. Not saying he would do this at all....so far he seems pretty honorable. But crowdfunding developers HAVE done this and gotten away with it. Bottom line: if you back a crowdfunded project you should not expect to receive anything other than the warm fuzzy feelings of spurring development. I'm not aware of any devs that have sold their items outside of crowdfunding but not delivered to backers so that's a non-issue at this point. I would just encourage caution as our legal system is not going to do much to help in this situation without an incredible amount of legal fees which would be prohibitive for anything but a massive group (many thousands of backers).