Nike's foundation anniversary

Today Nike turns 54 years old. Here are some interesting facts about its history.

The company was founded with just $1.200 of capital. It was created by Bill Bowerman — a track-and-field coach — and Phil Knight, a middle-distance runner from Portland who was enrolled in the University of Oregon. Knight had originally wanted to call the company "Dimension 6", the Nike name comes from the Greek goddess of victory, and it’s pronounced "ny'-kee." Nike's first employee, Jeff Johnson, came up with the name.

The first Nike shoes were made inside a waffle iron. Bowerman’s first eureka moment for footwear innovation came in 1971, when he and his wife were making waffles for breakfast: It sparked an idea for a grooved pattern on the sole of trainers to help athletes grip running tracks. It spawned the “Nike Waffle Trainer,” patented in 1974.

The Nike swoosh was designed by Portland State University student Carolyn Davidson, for just $35 (just over $200 in today's currency). At a later stage she was given stock that is now worth more than $640,000. The slogan “Just Do It” was inspired by serial killer Gary Gilmore, who said “let’s do it” just before he was executed by a firing squad in 1977.