Word: knightly
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...more than in 1980. During the past 18 months, hundreds of people became millionaires or multimillionaires when shares in their new companies were sold to the public for the first time. Among the stock winners: Bill Saxon, 53, of Saxon Oil Co. ($212 million); Philip Knight, 43, of Nike athletic shoes ($178 million); Herbert Boyer, 45, and Robert Swanson, 34, of Genentech ($32 million each...
...crazes and entrepreneurs sometimes come together with timing worthy of the Great Wallendas. Such was the case with the fitness mania and Phil Knight, 43. His company, Nike Inc., of Beaverton, Ore., now designs and sells $500 million worth of shoes a year. Nike sells shoes for jogging, basketball, tennis, football, baseball, soccer, volleyball, wrestling, hiking and even just walking...
Nike's well-heeled empire started in 1958, when Knight was an undergraduate business student at the University of Oregon. A miler of some accomplishment, Knight came to know Bill Bowerman, Oregon's famed track coach and a sometime designer of running shoes. Bowerman complained that American companies turned out a heavy, clumsy product; no runner hoping to set a record would wear them...
...Stanford, where he later earned a graduate business degree, the running-shoe market continued to intrigue Knight. Would it be possible, he thought, for Japanese-made running shoes to grab a big share of the U.S. market, just as Nikon cameras were beginning to do in the field of photography? Two years after Knight's graduation in 1962, he and Bowerman went into partnership. They put up $500 each for 300 pairs of Tiger running shoes made by Onitsuka of Japan and stored them in Knight's father's basement. At first they sold them only...
Nike Inc. essentially grew from there pushed along mainly by Knight's marketing savvy. Knight and Bowerman came out with a shoe they had designed in time for the 1972 Olympic trials that were held in Eugene, Ore. They got marathoners to wear them and proudly advertised that Nikes were on the feet of "four of the top seven finishers." Nike's ads neglected to mention that runners wearing West Germany's Adidas shoes placed first, second and third...