Named for the Greek Goddess of victory, Nike is the world’s largest athletic apparel and shoe supplier. The company not only shaped the modern footwear industry but also revolutionized sports marketing with its strategy of endorsing athletes to personify its brand. In 2021, the company’s market capitalization exceeded $250B.
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People recognize the Nike “swoosh” brand logo all over the world. The simplicity of the logo and the short, snappy name of the company are largely responsible for the brand’s wide-sweeping visibility.
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.”
Advertising superstar Dan Wieden of legendary advertising agency Widen+Kennedy said he got inspiration for Nike’s “Just do it” from an inmate’s last words on death row. Wieden said the way the inmate talked about facing uncertainty inspired him.
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 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.
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.)
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.
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.”
Michael Jordan wore Converse when he played at UNC Chapel Hill, but always wanted to wear Adidas when he went to the NBA. He tried to get Adidas to match Nike's $2.5M deal, but Adidas wouldn’t do it.
Nike cofounder Bill Bowerman was trying to find new ways to create traction for his runners on artificial turf. He looked at the waffle iron and realized that the pattern would work for the shoes’ soles.
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