Oakland native Jason Kidd and NBA All-Star and Finals MVP Jaylen Brown have made an ambitious move to tackle one of the most pressing issues of our time: They have unveiled The XChange. This national initiative aims to bridge the racial wealth gap by producing $5 billion in net wealth for historically marginalized communities. Kidd and Brown, who successfully launched the Boston XChange last week, are now teaming up with Oakstop, a prominent community anchor organization, to bring this transformative initiative to Oakland.

A Vision for Generational Wealth

XChange’s emphasis on opportunities at the intersection of business and culture can lead to generating wealth. By implementing a place-based strategy, this initiative will promote economic growth through real estate development, business education, technology, and cultural competency. The Boston XChange (BXC) and Oakland XChange (OXC) will act as organizing hubs to assist underserved communities.

“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, Kidd has made significant philanthropic contributions to his hometown, including funding the Willie Keyes Recreation Center in West Oakland.

Scaling Impact: A Replicable Model

XChange’s scalability is a crucial strength. The initiative will create and demonstrate models nationwide that share real estate ownership and impact investments. XChange will maximize its impact by bringing together professional athletes, business leaders, philanthropists, and influencers to address wealth inequality.

Jaylen Brown underlined the importance of collaboration in this project, stating that “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.”

Oakland XChange: A Powerful Partnership

Oakstop, a social enterprise that has been empowering underserved communities through commercial real estate for a decade, is the power behind the Oakland XChange. Oakstop and I have teamed up to revitalize historically marginalized neighborhoods and bridge wealth disparity nationwide.

“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.”

Oakstop’s four active buildings, totaling 65,000 square feet, and its network of partner organizations aligned with the mission of the Oakland XChange. The Oakstop Effect, Oakstop’s nonprofit branch, provides culturally relevant technical aid to creatives and diverse business owners, a support network of entrepreneurs, and access to capital, essential in anchoring small businesses in a post-pandemic economy.

Building for the Future: Educational Partnerships

The XChange’s education is a crucial element, with both Boston and Oakland chapters working with local universities to enhance business education for participants. These partnerships will bring university resources to XChange locations, paving the way for investment and innovation. MIT’s Martin Trust Center, Harvard Business School, and Roxbury Community College are just a few institutions where the Boston XChange has collaborated. Like the Oakland XChange, it partners with the Haas School of Business at UC Berkeley and Stanford Graduate School of Business.

Celebrating Innovation: XCelerate Oakland

The XChange’s Oakland chapter will launch on August 30, 2024, and then hold the XCelerate Oakland conference at Oakstop’s California Ballroom. MC Hammer, Erik Moore of Base Ventures, Lisha Bell of PayPal Ventures, and Brian Tippens of Cisco are among the respected leaders in technology and culture who will present the event. XCelerate Oakland allows potential partners, funders, and entrepreneurs to gain knowledge and get involved with The XChange.

The Boston Creator Incubator + Accelerator is still accepting applications until August 15. The JLH Social Impact Fund will collaborate with this program to provide visionary creators from underrepresented communities with the necessary business resources to prototype, produce, and launch their projects successfully. With grants worth up to $100,000 and business services valued at over $150,000, creators will have three years of coaching to increase their design, media, entertainment, fashion, and culinary arts ventures.

The launch of The XChange is a significant milestone in addressing the national racial wealth gap. By bringing together business leaders, cultural influencers, and community organizations, Jason Kidd and Jaylen Brown are not just talking about change but building it one community at a time.