The Nike "Swoosh" is a design created in 1971 by Carolyn Davidson, a graphic design student at Portland State University. She met Phil Knight while he was teaching accounting classes and she started doing some freelance work for his company, which at the time was called Blue Ribbon Sports (BRS).

BRS needed a new logo for a line of sports shoes it was making. Phil Knight asked Davidson for help and Davidson began work charging $2 per hour.
In June 1971, Davidson presented a number of design options to Knight and other BRS executives, and they ultimately selected the mark now known globally as the Swoosh. Apparently, Davidson submitted a bill for $35 for her work.
In June 1972, the first running shoes bearing the Swoosh were introduced at the US Track and Field Olympic Trials. Nike continues to use the brand today.
This story has become design folklore and there are a few important lessons we can take away:
- Creative ideas can come from anywhere - studios, freelancers and even student logo designers can create something brilliant. One of the greatest logos ever made was designed by a student.
- Freelance work and contests are good - no doubt this experience benefited Davidson immensely. She gained a high profile and it helped kickstart her career. Designers starting out today can enter design contests and find freelance work online. (Davidson was also rewarded handsomely rewarded in 1983, Knight gave Davidson a gold Swoosh ring and an envelope filled with Nike stock.). Sometimes showing people your ideas and working can work to your advantage.
- Keep your logo simple - the swoosh is so impressive, so memorable and so effective because it is so simple.
Source: Nike logo history, Wikipedia
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