They don't talk about the early days. The 50's and 60's.
What I have heard over the years is that Bill Bowerman, legendary UO track coach was searching for better foot gear for his athletes.
A garage, waffle iron and some innovative thinking got Blue Ribbon Sports started with Coach Bowerman and Phil Knight as partners.

Later, Phil started Nike and promised Coach Bowerman that he would not forget his alma mater if the new company did well.

The haters will hate, but I can't fault a guy who wants to take care of his own. I do the same thing in my little sphere.