IU Student Foundation Little 500 Bloomington HoodieThe Little 500 was first founded in 1951, when IU Foundation executive director Howdy Wilcox Jr. devised a charity bike race that would mimic the Indianapolis 500. For this design, we mimicked era appropriate, midcentury type and style for a simple shirt that tells you everything you need to know. Products are mocked up on a size S. Graphics may appear smaller on larger sizes.