http://en.wikipedia.org/wiki/Q-tips

q for quality

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1923
Upon observing his wife applying wads of cotton to toothpicks, Leo Gerstenzang, the original founder of the Q-tips Company, conceived the idea of manufacturing a ready-to-use cotton swab. He found the Leo Gerstenzang Infant Novelty Co., a firm which marketed baby care accessories.


1926
The product was originally called Baby Gays and in 1926, the labels were changed to read Q-tips Baby Gays. Later the name Baby Gays was discarded and Q-tips became the identifying mark for cotton swabs. The Q in Q-tips stands for quality and the word tips describes the cotton swab at the end of the stick