In 1964, Nike was founded by student Phil Knight and his trainer Bill Bowerman. Phil Knight was a mid-distance runner on the Oregon University team. The company's first name was Blue Ribbon Sports. They invested $ 500 in this company. The company specialized in ordering sneakers in Asian countries, only then sold them on the American market. With $ 500, Bowerman and Knight ordered 300 pairs of sneakers from Onitsuka Tiger, now known as Asics. The first product was released in 1971 - Nike sneakers with a waffle-shaped sole design. Bowerman took the idea from his wife, or rather from her waffle iron. The company was officially renamed Nike in 1978.