All right, I'll walk you through the entire process. Let's start with some sketches:
Then I had an epiphany while sketching in the good company of Knut Harald Longva, taking the previous N symbol and working it into a circle, which is good for a number of conceptual reasons.
What I'm trying to say is, this idea had something going for it. This could work.
For the colors, I wanted to keep things as minimal as possible. Using simple black and white as a base, with the blue to accentuate and an off-white as a base where applicable worked out really well. This way, we can print in only two colors, which also saves on costs.