NBA star Jaylen Brown and teammate Jrue Holiday have unveiled the first cohort of entrepreneurs for the Boston XChange (BXC) incubator program. Launched on Oct. 16, 2024, through Brown’s nonprofit, this initiative aims to generate $5 billion in generational wealth within Boston’s communities of color.
Brown’s vision, inspired by his record $304 million contract extension, addresses the stark wealth disparities in Boston, where the median net worth of Black households is reported at just $8, compared to six figures for white households.
The BXC program empowers underrepresented entrepreneurs with:
– $100,000 in grant funding
– Access to work and creator spaces
– Business services valued over $150,000
– Three years of coaching
Brown envisions creating a “Black Wall Street” in Boston, collaborating with the JLH Fund to bridge the racial wealth gap through support for Black-owned businesses.
The inaugural cohort features ten diverse entrepreneurs:
1. Pioneers Apparel/PYNRS Performance Streetwear: High-performance running apparel for diverse runners
2. Everybody Gotta Eat: Food influencer showcasing Boston’s culinary diversity
3. Future Masters Chess Academy: Teaching chess to children, emphasizing strategic thinking
4. The Little Cocoa Bean Company: Culturally diverse meals for babies and toddlers
5. Melanin Haircare: Natural haircare line available at major retailers
6. Anawan Studios: Film production company creating opportunities for Black and brown creatives
7. Uvida Shop: Boston’s first zero-waste store
8. Rivet App: AI platform helping musicians expand fanbases
9. Crown Legends: High-quality hat boutique
10. Dorchester Art Project: Community arts organization transitioning to a worker-owned cooperative
Brown’s initiative represents a significant step towards addressing the wealth gap in Boston and empowering communities of color. By providing resources, funding and mentorship, the program supports individual entrepreneurs and fosters economic growth within the community.
“When it comes to generating wealth and closing the gap, we both believe it starts with the mind,” Brown stated, emphasizing the program’s focus on mindset and empowerment.
This incubator exemplifies the power of community-driven solutions in the fight for economic equity. It not only provides direct support to entrepreneurs but also aims to create a ripple effect of economic empowerment throughout Boston’s communities of color.
The diverse range of businesses in the inaugural cohort reflects the program’s commitment to fostering innovation across various sectors. From sustainable living solutions to creative industries and tech startups, the BXC incubator is nurturing a wide array of entrepreneurial talents.
Brown’s initiative also highlights the growing trend of professional athletes using their platforms and resources to drive social change. By leveraging his NBA success to create opportunities for others, Brown is setting a powerful example of how sports figures can contribute to community development and economic justice.
As the program progresses, it will be crucial to monitor its impact on Boston’s economic landscape and its potential to serve as a model for similar initiatives in other cities facing racial wealth disparities. The success of the BXC incubator could inspire more targeted, community-focused approaches to addressing systemic economic inequalities across the United States.
