As part of a national initiative launched by NBA star Jaylen Brown and NBA legend Jason Kidd to invest and create wealth in underserved communities, the pair announced their Xchange initiative a partnership with Oaksoft, an Oakland-based community anchor organization.
According to a press release, the aim of the initiative is to create $5 billion in net worth for historically marginalized communities. With the addition of The Oakland Xchange, The Xchange now has two chapters; the other is in Boston.
According to Brown, the goal is to create a shared network that can produce lasting change. “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.”
Kidd, meanwhile, emphasized the true scope of the racial wealth gap. “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,” he said in the press release.
Trevor Parham, the founder of Oakstop, described his company’s cohesion with The Xchange’s stated goals, saying in a statement, “Place based strategies are important for unifying and revitalizing underserved communities. 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.”
According to the press release, The Xchange will be using four of Oakstop’s buildings as well as its connected network of partner associations. Like it did in Boston, The Xchange will use well-known universities to build out business education programs for its participants. The educational partners for The Oakland Xchange will include Cal Berkeley’s Hass School of Business and Stanford University’s Graduate School of Business.
As Parham told ABC 7, knowing that the organization will be remaining in the community brings a measure of peace. “What they can fund is the acquisition of real estate assets, which brings the cost of space down significantly by owning those assets. Also allows us to invest in those spaces knowing they will be in the community in perpetuity.”
Brown also recognized the importance of tapping existing structures in the community, telling the outlet, “It’s not about starting anything new. I think there are a lot of great things that are already going on in Oakland. Rich history, tradition, entrepreneurship, so it is not like I got to come here and start something that ain’t been done already.”
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