Nike started out as a Japanese shoe distributor called Blue Ribbon Sports

The business plan for Blue Ribbon Sports came from a Stanford assignment

Nike cofounder Phil Knight’s original idea was to begin selling Japanese shoes, which were cheaper and just as light and durable as the leading German shoes from Adidas and Puma, at a lower price in the American market. His last assignment in business school at Stanford became the original business plan for Blue Ribbon Sports.

Nike's Phil Knight ran for Bill Bowerman at the University of Oregon before they became business partners

They became business partners when Knight tried to sell the Onitsuka Tigers to Bowerman for the Oregon track team. Bowerman told Knight he didn't just want the shoes; he wanted in on the whole deal.

Nike only paid $35 for the swoosh—and cofounder Phil Knight didn’t like it at first

A student Nike cofounder Phil Knight met while teaching at Portland State designed the logo for the “Nike” football shoe (the company was still Blue Ribbon Sports at the time). When Phil Knight saw it, he said, “Well, I don’t love it, but it will grow on me.”

Nike cofounder Phil Knight once taught accounting classes at Portland State University

Before Nike took off, Phil Knight taught accounting classes at Portland State. He met two very important people there: his wife Penelope and Carolyn Davidson, who designed Nike’s logo.

Nike was almost named ‘Dimension Six’

Jeff Johnson, the company’s first full-time employee, said the name came to him in a dream just before Blue Ribbon Sports filed a patent for the “Nike” football shoe. Nike cofounder Phil Knight wanted to name the company “Dimension Six,” but was ultimately convinced that a one-word name would be better. (Some users may experience a paywall.)

One of Nike’s most transformational executives started out as its lawyer

Rob Strasser helped settle a lawsuit against Onitsuka Tiger when Blue Ribbon Sports became Nike and stopped distributing the Japanese shoes. Strasser then became a powerhouse at Nike credited with saving the company from going under in the 1970s, before leaving the company in 1987.

Nike couldn’t sign legendary distance runner Steve Prefontaine due to regulations

Because of amateur running regulations, Prefontaine—who held every American running record from 2,000 to 10,000 meters at the time—couldn’t do a paid endorsement for Nike. So Nike’s Phil Knight decided to give him a $5K yearly stipend and print business cards that said Prefontaine was the “National Director of Public Affairs.” When asked what that meant, Knight said, “it means he can run fast.”

Nike went public in 1980, and the first share sold at $22

Nike stock plummeted in the four years that followed the company’s initial public offering (IPO). The company’s deal with Michael Jordan in 1984 ultimately revived investor confidence.

Nike made retailers pay for Air Jordans upfront to guarantee stock

Instead of paying for the inventory sold, Knight locked retailers into iron-clad agreements, where the companies would pay upfront for Nike inventory (but at a 7% discount). Knight did this to leverage debt, allowing retailers a better chance at getting the wildly popular Air Jordans.

These famous brands used to have different names

Did you know that Nike used to be called Blue Ribbon Sports? Or that Google was originally named BackRub? Getting a brand's name right is a tough job; there's an entire cottage industry of brand naming agencies to prove it. See which brands got it right the first time—and which ones might be better off with their current names—in this article.

The first shoes Jordan got from Nike were against NBA regulations

The initial mockups Nike gave Jordan were entirely black and red. The NBA had strict rules around shoe color at the time that these colors violated. The story goes that Nike paid the $5K fine for each game that Jordan wore the shoes in, but there’s no photographic evidence that Jordan ever wore them in a game at all. Regardless, Nike created the “banned” ad, capitalizing on the controversy.

A NASA engineer came up with the idea for the air-cushioned Nike Air shoes

Frank Rudy came to Nike with the idea of using air capsules in the soles of running shoes to provide better cushioning. The first shoe with this technology, the Tailwind, came out in 1979.

Kanye abruptly left Nike in 2013 and took his Air Yeezys to Adidas for $10M

In 2009, Kanye West became the first non-athlete Nike produced a signature shoe for. However, Kanye left Nike for the company’s rival, Adidas, just a few years later. Kanye said Nike was stifling his creative vision, and he felt like he wasn’t getting enough royalties.

Running became more popular in the mid-20th century

Once considered a fringe activity, running eventually became an American interest. The trend was spurred in part by the 1966 book "Jogging," which was cowritten by Bill Bowerman, the cofounder of Nike.

Nintendo began in 1889 as a playing card company

As a leading video game publisher, Nintendo has contributed to expanding the prevalence of handheld and console technologies for over a century. It has also developed franchise mascots that have appeared in other media, including Mario and Sonic.

The original basketball was hand-sewn

When the first basketball landed in a peach basket in 1891, it didn't look like the leather Wilson ball you see on today's NBA courts. The basketball evolved from the nondribbling days, when a hand-sewn ball with stitching like a football was used.

Bill France Sr. founded NASCAR after organizing stock car races

Bill France Sr. was the first person to organize stock car racing in America. By the 1940s, the company he created had changed the sport forever.

David Stern brought the NBA to China

In 1987, he started shipping VHS tapes of games to state-run TV stations in China, and opened an NBA office there by 1992. Today, China is the league’s second-largest market.

Def Jam’s first office was Rick Rubin’s NYU dorm room

The essential hip-hop label was founded by Rick Rubin in 1984. At the time, Rubin was a New York University student and converted his dorm room into the label’s original office. Along with Russell Simmons, Rubin would release landmark albums from LL Cool J, the Beastie Boys, Public Enemy, and many others.

The Sex Pistols were created by the owner of a fashion store

Malcolm McLaren and his wife Vivienne Westwood owned and operated a provocative fashion store in London simply called Sex. McLaren created the Sex Pistols from kids who hung around the shop, none of whom were musicians, as a way to infiltrate the music industry.

Many startups now have shoes-off policies

This website keeps track of startups with "no-shoes" offices so you can browse a list of barefoot companies—plus, see which of them are hiring.

Yohei's sushi innovation turned sushi into a convenient fast food

Nigiri took relatively little time to prepare, making it an ideal dish to serve from a food stand. The success of Yohei’s stand, where customers could select their desired toppings, inspired others to open similar businesses.

Wataru 'Wat' Misaka was the NBA's first player of color

Japanese-American Wataru "Wat" Misaka was a star basketball player for the University of Utah, claiming championships in 1944 and 1947 after serving during World War II. After stellar performances at Madison Square Garden, the New York Knicks drafted him.

How John D. Rockefeller became the world's first billionaire

From a young age, John D. Rockefeller knew he was interested in business. He worked as a bookkeeper and sold candy prior to starting the business empire that would help cement the Rockefeller name in history: Standard Oil.

Netflix started in 1997 as a mail-order DVD rental service

The first Netflix customers selected DVDs from the company’s website and received and returned them through regular mail. The approach included no late fees and quickly added the ability to rent an unlimited number of DVDs for a flat monthly fee, with the company passing 1 million subscribers in 2003.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

The name 'Silicon Valley' arose from the founding of Shockley Semiconductor Laboratory in Fairchild Semiconductor in 1956-57, founded near Stanford University in Palo Alto

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

'Shogun,' a 1980s TV series, helped popularize sushi in the US by stimulating an American interest in Japanese culture.

Exploring the Larry Bird punch that almost changed March Madness

Sears sold DIY house kits starting at $600 in its famous catalog from 1908 through the 1940s, resulting in roughly 10,000 'Sears and Roebuck houses' being built.

An initial public offering or 'IPO' is the process of a private company becoming public by putting shares of the company on the stock market for purchase.

The 1987 Nintendo video game 'Stadium Events' isn't known for being particularly fun, but its scarcity has made it a highly sought-after item that has sold for up to $35K at auction.

When a Paris department store hesitated to sell Estée Lauder's perfume, she 'accidentally' broke a bottle, causing the smell to spread throughout the store and shoppers to start asking to buy the scent.

Watch this video that uses Lego bricks to explain how venture capital works.

The Nasdaq's 'Magnificent 7' companies are responsible for roughly 40% of the Nasdaq 100 index's gains, while the remaining 93 companies account for the other 60%.

Sony set the standard for cylinder-shaped batteries when it repurposed manufacturing equipment used to make rolls of magnetic recording tape.

A vending machine run with Anthropic's AI went out of business after it was convinced to give away items for free and sell a video game console.

Domino's Pizza's 30-minute delivery guarantee was responsible for the chain's 1980s surge, but it was discontinued after the company was found liable for delivery driver accidents.

'Saturday Night Fever,' the 1977 film that introduced disco to the mainstream, was based on a fabricated magazine story.

The word 'jazz' evolved from 'jasm,' 19th-century American slang for 'energy'

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

Some Pokémon have been named after real and fictional organisms, while some real-world species have been named after Pokémon, such as Chilicola charizard and Binburrum zapdos.

Hear 50 years of iconic hip-hop samples, the genre's foundational looped tracks

About 2,000 US babies are born annually without some portion of their limbs, potentially leading to a lifetime of pricey prosthetics.

Brian Wilson wrote the Beach Boys' 'Don't Worry Baby' for the Ronettes, but the legendary girl group rejected it.

The identity of the Tank Man in the iconic photo from the 1989 Tiananmen Square protests remains unknown and was possibly killed.

The Brothers Grimm were lawyers before they were storytellers, but became interested in fairy tales as they began investigating how rules and customs had been passed down through cultures.

The American cockroach is actually from Africa, an apparent hitchhiker aboard ships carrying enslaved people, with evidence suggesting the bug may have arrived in the New World as early as the 1600s.

El Niño, Spanish for 'the boy,' was named after Jesus Christ because the phenomenon resembled the weather changes observed around Christmastime.