It shows that the people behind have self-irony about improvization.
Many people like understatements (perhaps one of reasons for slack's success: employees enjoy a funny name ... not sure if it's the same type of irony with "improv" .. perhaps we should be more serious)
Looks better for most non-English natives
Logo tells “improve world” only implicitly
Easier to type: i+o next to one another on keyboard
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