Today, Nike is known globally for its footwear, sports apparel and sporting equipment, dominating the market in every sport. But the iconic brand had meager beginnings. It was founded by Bill Bowerman and Phil Knight in 1964 with just $1,200 in the bank and under the name Blue Ribbon Sports -- operating as a distributor for a Japanese shoe maker. It wasn't until 1971 that it officially became Nike, named after the Greek goddess of victory. Bill Bowerman was a track-and-field coach and Phil Knight was a middle-distance runner from Portland. Dissatisfied with the way running shoes were being manufactured, Bowerman set out to make his own. The grooved pattern on the sole of trainers were inspired by waffles when Bowerman and his wife were eating breakfast. The first Nike soles were, in fact, made with a waffle iron. Today, the Nike brand alone is valued at some $19 billion and its 'swoosh' logo and its 'Just Do It' tagline are among the world's top trademarks of the 20th century.