August 11th 2024.
As part of a nationwide effort led by NBA star Jaylen Brown and basketball legend Jason Kidd, there is a new initiative to invest in and uplift underserved communities. In partnership with the Oakland-based community organization, Oaksoft, they have launched the Xchange program with the goal of creating $5 billion in net worth for historically marginalized groups. This is an expansion of their original Xchange chapter in Boston, now with a new chapter in Oakland.
According to Brown, the key to creating lasting change is through collaboration, a shared vision, and collective impact. By working with community partners, thought leaders, and cultural influencers, their aim is to build a strong network of support and innovation. Kidd also emphasized the national scope of the racial wealth gap, stating that it is not just an issue in Boston, but in cities across the country, including Oakland.
Trevor Parham, the founder of Oakstop, expressed his company's alignment with The Xchange's mission, noting that place-based strategies are crucial in revitalizing underserved communities. As someone with lived experience in these communities, he believes that their insights can inform effective solutions for sustainable economic development. The Xchange will be utilizing four of Oakstop's buildings and their network of partner organizations to achieve their goals. Similar to their efforts in Boston, they will also partner with prestigious universities like Cal Berkeley and Stanford to provide business education programs for participants.
In an interview with ABC 7, Parham shared his relief in knowing that The Xchange will be a long-term presence in the community. By acquiring real estate assets, they can lower the cost of space and invest in the community for years to come. Brown also stressed the importance of utilizing existing structures and resources within the community, recognizing the rich history and entrepreneurship already present in Oakland. He believes that this initiative is not about starting something new, but building upon the great work already being done in the community.
This initiative is a promising step towards closing the racial wealth gap and creating lasting change in underserved communities. With the support and collaboration of community partners, thought leaders, and educational institutions, The Xchange aims to empower individuals and build a stronger, more equitable society. And as Brown has vowed, his $300 million contract will be used to make a difference and create a more just future for all.
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