When I read Shoe Dog by Nike founder Phil Knight, I was surprised to learn that for the first 15 years of Nike's history, the iconic company was called Blue Ribbon Sports. The initial change to Nike was unpopular. People thought it would be pronounced with one syllable, so it rhymed with "like."
Knight's general guidelines for an iconic name: keep it to one word and ideally two syllables. Many of the most valuable brand follow these rules: Apple, Google, Facebook, Samsung, Tencent, Intel, Pepsi. Knight also advised to include a hard consonant sound if possible. The "ex" sound is a memorable consonant. Think of Kleenex, Xbox, Xerox, SpaceX, FedEx, Exxon.
I followed these guidelines when renaming our company from AxonVR to HaptX, (pronounced "hapt-ex"). I came up with the name, originally to combine the words “haptic” and “textile.” It also works as “haptic” and “experience.” It met Phil Knight's criteria, so I shared it with our President and our CEO. They both loved it.
Additionally, I made sure that the trademark and domain name were available. Once all things were aligned, the Board of Directors approved our new name and we committed to our rebrand.