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.
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