Jaylen Brown launches Boston XChange to build generational wealth for the underserved
“Champion” is a word that is thrown around a lot when it comes to basketball player Jaylen Brown. His on-the-court play led the Celtics to victory and allowed them to add Banner 18 to their collection. Off the court, he is a champion of a different kind, fighting for the city of Boston and taking up a cause to help change the city for the better. To create that change, Brown founded Boston XChange (BXC), an incubator for Boston creators.
“Living in Boston and playing in Boston, one thing that you notice are the differences. I came across an article that basically said that the median net worth of a Black household in Greater Boston is $8, while for white households, it’s six figures,” he said.
The article he referred to is a 2015 Boston Federal Reserve Bank study that found that the median net worth for white households in Greater Boston was $250,000, while for non-immigrant Black households, it was $8.
It’s been almost a decade since that study came out, but the stark contrast has stuck in people’s minds.
“My curiosity made me look further and I found out that Boston is in the top five for wealth disparity,” he shared.
Brown aims to create generational economic prosperity through BXC, the nonprofit enterprise and multi-year commitment he founded to build long-term wealth and foster cultural innovation in underserved and underrepresented communities.
BXC aims to generate $5 billion in new wealth for historically marginalized communities through strategic investments and partnerships that provide access to capital, bespoke coaching from professional champions, and workspaces and tools for creators.
Inspired by Black Wall Street, Brown is taking on this latest endeavor through a multi-pronged approach.
“You start with it all. When you hear about what’s going on and how the disparity affects the quality of education, health care, housing and the cycle of poverty in under-invested areas, these things prevent equitable access to capital and resources and further the gap,” he said.
Jaylen Brown also founded the 7uice Foundation, whose signature Bridge Program is a multi-day educational and leadership initiative for Black and brown youth from grades 8 to 12. Photo: Boston XChange
Brown reached out to community thought leaders and innovators to help build BXC.
“We wanted to talk and learn from creators in the community first, as well as some of the organizers in Boston, like BECMA or Mill Cities Community Investments (MCCI). We understand that true systemic change requires collaboration and a shared vision. So we tapped in with some of the people who are doing incredible work, listened to them, and then used our collective impact,” the MVP said.
One of the people Brown tapped to help was DEI Consultant Malia Lazu. With her background in economic development and urban entrepreneurship, she saw community involvement as an important component in building BXC.
“We hold ourselves accountable to the community. That’s who we build trust and relationships with. He plays in this city and has a commitment to the people,” Lazu said.
She said that commitment to the people of Boston is what sets BXC apart from other endeavors inspired by Black Wall Street.
“A lot of people are sort of waiting to see what he’s going to do. We’ve had other athletes try and lead these types of things. It might not happen overnight, right? It takes time to make sure the community doesn’t get left behind,” she said.
Brown also partnered with the JLH Social Impact Fund, in collaboration with Celtics teammate Jrue Holiday and his wife Lauren.
The Jrue and Lauren Holiday Social Impact Fund (JLH Fund) was founded in 2020 when Jrue pledged the remainder of his 2020 NBA salary to combat the systemic racism and socioeconomic inequality brought to light after George Floyd’s passing.
Since its inception, the JLH Fund has granted awards to over 191 underinvested businesses and nonprofits, amounting to over $5.3 million in grant funding.
The JLH Fund has granted awards to over 191 underinvested businesses and nonprofits, amounting to over $5.3 million in grant funding. Image: Boston XChange
“I’m excited for Jaylen to launch Boston Xchange. He started his work for many of the same reasons Lauren and I started the JLH Fund. We both want to make a positive social impact in communities that have been historically underserved and underinvested,” said Jrue Holiday. “Social impact is really a team sport. The issues are big and complex, and we all have a role to play. I’m excited for our foundations to collaborate. It’s a winning partnership on the court. Now we get to see what type of impact we can make in the Boston community.”
BXC’s first initiative is the Boston Creator Incubator & Accelerator. This program, in collaboration with the JLH Fund, will equip visionary creators from underrepresented communities with business resources to successfully prototype, produce and launch their projects. Partnering with institutions like MIT’s Martin Trust Center, Harvard Business School, and Roxbury Community College, the program offers up to $100,000 in grant funding, work and maker spaces, and business services valued at over $150,000. Creators will also receive three years of coaching to accelerate their ventures in industries such as design, arts, media, entertainment, fashion, and culinary arts.
Applications for the Boston Creator Incubator & Accelerator are open until Aug. 15, 2024. Entrepreneurs with for-profit businesses based in Greater Boston that contribute to underserved communities can apply at bxchange.org/apply.
