New nonprofit enterprises in Boston and Oakland aim to build generational wealth and foster cultural innovation in underserved and underrepresented communities.
OAKLAND, Calif., Aug. 9, 2024 /PRNewswire/ -- Oakland Native and Professional Basketball Hall of Famer Jason Kidd, and NBA All Star and Finals MVP Jaylen Brown, have announced the launch of The XChange, a national initiative to bridge the racial wealth gap by generating $5 billion in net wealth for historically marginalized communities. Coming off the heels of the Boston XChange announcement last week, Jason and Jaylen are bringing generational wealth-building solutions to Oakland in partnership with Oakstop, a prominent community anchor organization.
Designed to provide opportunities at the intersection of business and culture, The XChange will use a place-based strategy to drive solutions for better cities, integrating real estate development, business education, technology, and cultural competency to foster economic growth. Chapters in Boston (BXC) and Oakland (OXC) will serve as organizing hubs, utilizing commercial real estate to empower underserved communities.
The XChange will create and showcase scalable and repeatable models for shared real estate ownership and impact investments to facilitate asset building for underserved community members that can be adopted across the country. They will engage professional athletes, business leaders, philanthropists, and influencers who are passionate about solving wealth inequality in the cities they love, using a replicable model that maximizes impact while uplifting existing organizations working to bridge the wealth gap. Using this strategy, The XChange presents an opportunity for individual cities to tailor the model to the unique needs and strengths of their communities, replicating and refining it for optimal impact.
"True systemic change requires collaboration, shared vision, and collective impact. By working with community partners, thought leaders, and cultural influencers, our goal is to cultivate a powerful network of support and innovation," shared Jaylen Brown.
"The racial wealth gap is not limited to Boston— It's a national issue, affecting Oakland and cities throughout the country, revealing how some groups are better positioned to make critical investments in their futures that benefit their families and communities," said Jason Kidd. As an Oakland native, Jason Kidd has also made significant philanthropic contributions to his hometown, such as funding the Willie Keyes Recreation Center in West Oakland.
The racial wealth gap in Boston is commonly characterized by a statistic derived from a Boston Federal Reserve Bank 2015 study that found the median net worth for white households in Greater Boston was $248,000 dollars while for Black households, it was just $8 dollars.
Game-changing resources and strategic partnerships will fuel small businesses
The Oakland XChange is powered by Oakstop, a social enterprise whose 10-year track record for empowering underserved communities through commercial real estate serves as a proof of concept for the Boston XChange. The collaboration represents a shared commitment to revitalizing historically marginalized neighborhoods as a pilot for bridging wealth disparity around the country.
"Place based strategies are important for unifying and revitalizing underserved communities," said Trevor Parham, Founder of Oakstop. "Our lived experiences inform market insights and social solutions that help foster sustainable economic development. I'm proud of Oakstop's track record for community-led social impact and our synergy with the Boston XChange."
The Oakland XChange is launching in downtown Oakland, leveraging Oakstop's four active buildings, totaling 65,000 square feet, and its network of mission-aligned partner organizations. Oakstop acquired its flagship location at 1721 Broadway in 2023, setting a precedent for its mission to anchor local communities at risk of displacement. Oakstop's nonprofit, The Oakstop Effect, serves creatives and diverse business owners with culturally relevant technical assistance, a supportive network of entrepreneurs, and access to capital to anchor small businesses in a post-pandemic economy. Its Entrepreneur Ecosystems Program just received a three-year grant from Kaiser Permanente (as part of a larger $15 million strategy to strengthen small businesses in Oakland) and is currently accepting new applicants for its next cohort.
The Boston XChange and Oakland XChange are also collaborating with local universities to enhance business education for participants and integrate university resources into the XChange locations, creating pipelines for investment and innovation.. The Boston XChange has engaged resource partners like MIT's Martin Trust Center, Harvard Business School, and Roxbury Community College. The Oakland XChange is partnering with UC Berkeley's Haas School of Business and Stanford's Graduate School of Business.
Community programming and business services to help creators thrive
The XChange will celebrate innovation through local activations and engaging community programs, beginning with the XCelerate Oakland conference on Aug. 30, 2024. At Oakstop's California Ballroom, more than 25 highly respected leaders in technology and culture, including MC Hammer, Erik Moore of Base Ventures, Lisha Bell of PayPal Ventures, and Brian Tippens of Cisco, will gather. XCelerate Oakland will provide an opportunity for potential partners, funders, and entrepreneurs to learn more and get involved with the XChange.
Applications for The Boston Creator Incubator + Accelerator are open until Aug. 15. This program for for-profit businesses, in collaboration with Jrue and Lauren Holiday's JLH Social Impact Fund, will equip visionary creators from underrepresented communities with business resources to successfully prototype, produce, and launch their projects. Partnering with institutions like MIT's Martin Trust Center, Harvard Business School, and Roxbury Community College, The program offers up to $100,000 in grant funding, work and maker spaces, and business services valued at over $150,000. Creators will also receive three years of coaching to accelerate their ventures in industries such as design, arts, media, entertainment, fashion, and culinary arts.
Tickets for the XCelerate Oakland conference, and applications for Oakstop's Entrepreneur Ecosystems program and The Boston Creator Incubator + Accelerator are available at bxchange.org/xchange.
About Boston XChange
Founded by Jaylen Brown, Boston XChange (BXC) is a nonprofit enterprise focused on building generational wealth and fostering cultural innovation in underserved and underrepresented communities. BXC empowers creators and entrepreneurs by providing the resources, support and opportunities needed to thrive. Visit www.bxchange.org and follow us on Instagram @BosXChange, and X, TikTok and Spill @BostonXChange.
About The Oakland XChange
The Oakland XChange (OXC) is a nonprofit enterprise focused on building generational wealth and fostering cultural innovation in underserved and underrepresented communities. OXC is supported by a collective of community based organizations led by Oakstop and The Oakstop Effect. Visit www.oaklandxchange.org or follow us on Instagram, LinkedIn, and X.
About Oakstop
Oakstop is a social enterprise with a 10-year track record for using commercial real estate to offer coworking space, event venues, and meeting spaces to underserved communities. Its nonprofit, The Oakstop Effect, increases economic mobility for underserved communities by increasing their access to social capital through workforce development, entrepreneur services, mental health/wellness, and artist professional development. Follow Oakstop on Instagram, X, LinkedIn. More information at www.oakstop.com and www.oakstopeffect.org.
SOURCE Oakstop
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