The swoosh logo was originally developed by a graphic design student at Portland State University, Carolyn Davidson in 1971. She was one of 35 people who made suggestions as to what logo to use for the organization. The owners met and agreed on Davidson's design, taking into account her conceptual thinking about the wings of the Greek goddess Nike According to Davidson, Knight asked for a design that suggested movement- originally disliking the swoosh she submitted, but as Knight had deadlines to meet, he ended up using it saying "I don't love it, but it will grow on me".

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In 1983, Knight gave Davidson a diamond Swoosh ring and an envelope filled with Nike stock to express his gratitude.