Phil Knight faced significant challenges in growing his shoe business, Blue Ribbon. His company lacked equity, relying on bank credit. His banker, Bob Wallace, was reluctant to extend Blue Ribbon’s credit. Wallace considered Knight too high-risk. In 1965, Knight worked his day job at Price Waterhouse. He served in the US Army Reserves. This was on top of getting Blue Ribbon off the ground.
Bill Bowerman, Knight’s partner, met with their Japanese supplier, Onitsuka. Still slow to deliver, Onitsu