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Nike, originally known as Blue Ribbon Sports, was founded by University of Oregon track athlete Phil Knight and his coach Bill Bowerman in 1962. The company initially operated as a distributor for Japanese shoe maker Onitsuka Tiger, making most sales at track meets out of Knight's car. Many top Oregon runners began wearing shoes, and the shoe's popularity grew quickly.
The company's first self-designed product was based on Bowerman's "waffle" design in which the sole of the shoe was molded by a waffles iron. A 1965 Warner Brothers cartoon featured the coyote trying to catch up the road runner in Nike (rather than the usual Acme), perhaps an inspiration for the later use of the name.
The company's profits grew quickly, and in 1966, its first retail store was opened. In 1978, Blue Ribbon Sports renamed itself to "Nike" after the Greek goddess and sponsored runner Steve Prefontaine. The sponsorship of athletes became a key marketing tool for the rapidly growing company.
By 1980,......

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Approximate Word Count: 1808
Approximate Pages: 8 (250 words per double-spaced page)

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