By Carla Thomas

On Aug. 9, in downtown Oakland at Oakstop, a co-working and event space, dozens of journalists and broadcasters convened to hear an historic announcement from NBA icon Jason Kidd and NBA All Star and Finals MVP Jaylen Brown.

The duo told the world that they have joined forces to raise an ambitious $5 billion dollars to empower underserved and marginalized communities. The week prior, Brown set the goal in motion by creating the Boston XChange in preparation to do the same in the Bay Area as the Oakland XChange.

“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 Brown.

Through the new nonprofit XChange enterprises in Boston and Oakland and his sphere of influence, Brown has set his intentions in motion jumpstarting a path toward generational wealth and cultivating cultural innovation in underserved and underrepresented communities. Designed to provide opportunities at the intersection of business and culture, Brown says 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.

Kidd says he was inspired by Brown’s concept and the two have committed millions of dollars from their own fortunes to kick off the venture. Kidd and Brown, both Oakland natives, see a bright future for their hometown.

“We welcome anyone that is willing to make a commitment to the future and health of the community and put it on a path toward generational sustainability,” said Kidd, during the press conference.

“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 Kidd.

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

The XChange will create and showcase scalable and repeatable models for shared real estate ownership and impact investments to facilitate asset building for sidelined 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,” said the Oakland XChange’s founder Trevor Parham.

“Place based strategies are important for unifying and revitalizing underserved communities and 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.”

Boston XChange board member Riz Shah was also on hand along with local politicians, Caroll Fife, Rep. Barbara Lee (D-CA-12), and Lateefah Simon, candidate for U.S Congress. They all shared their excitement for the new venture.

For more information visit:  www.oaklandxchange.org

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