Jaylen Brown and Jason Kidd have launched The Xchange initiative, a national effort aimed at investing in and creating wealth for underserved communities. This initiative is in partnership with Oaksoft, a community anchor organization based in Oakland, California.
The primary goal of The Xchange is ambitious: to generate $5 billion in net worth for historically marginalized communities. With the addition of the Oakland chapter, The Xchange now operates in two locations, the other being in Boston.
Brown emphasizes the importance of collaboration. He states that true systemic change requires a shared vision. His goal is to work with community leaders and influencers to cultivate a network of support and innovation.
Kidd highlights the broader implications of the racial wealth gap, noting that it is an issue affecting cities nationwide.
Trevor Parham, founder of Oakstop, aligns his organization’s mission with The Xchange’s goals. The Xchange will utilize four of Oakstop’s buildings and its network of partner associations. Similar to its Boston counterpart, The Oakland Xchange will collaborate with well-known universities to develop business education programs. Educational partners include Cal Berkeley’s Haas School of Business and Stanford University’s Graduate School of Business.
Parham mentions that the organization’s commitment to the community is reassuring. Brown also acknowledges the existing strengths within the Oakland community, stating that he is not here to create something new, but to build on Oakland’s existing tradition, entrepreneurship and history.
