The company name "Nike" is not actually an acronym, but is instead named after the goddess of victory in Greek mythology. The company was founded in 1964, and it was originally called Blue Ribbon Sports, but they changed their name to Nike, incorporated in 1971.
The winged goddess Nike was said to sit at Zeus's side on Mount Olympus, overseeing battles and granting only the most devout and courageous warriors victory. Many brave warriors attributed their strength and inspiration to the great goddess Nike. The company Nike's famous "swoosh" logo that first appeared on shoes in 1972 is meant to embody the wings of the goddess of victory.