A 2015 Boston Federal Reserve Bank study reported that the median net worth for white households in Greater Boston was $250,000 while for Black households, it was $8.
2024 NBA Finals MVP Jaylen Brown is aiming to change that.
Brown recently launched Boston XChange (BXC), a nonprofit enterprise and long-term commitment founded by Brown to build generational wealth and foster cultural innovation in underserved and underrepresented communities. The organization’s goal to to raise $5 billion in new net wealth for underserved families.
“True systemic change requires collaboration, shared vision, and collective impact. By working with community partners, thought leaders, and cultural influencers, we can create a powerful network of support and innovation. This collective effort will empower underserved communities, drive sustainable economic growth, and enhance the quality of life for everyone in Boston,” Brown said in a statement. “The launch of Boston XChange is a key component of this strategy, providing a dynamic hub for these collaborative efforts. Together, we can close the wealth gap and transform Boston’s economic landscape, ensuring that every individual has the opportunity to thrive and succeed.”
The organization aims to work closely with academic experts including MIT Entrepreneurship Centers, Roxbury Community College and Harvard to provide solutions-oriented strategies to help mitigate the racial wealth gap.
“Jaylen has been changing the game on and off the court, and we are so blessed in Boston to partner with him once again—now with his visionary leadership setting a national standard for innovation and wealth creation. Boston XChange is an example of what’s possible when we work together with urgency to create opportunities connecting creators and entrepreneurs to sustainable wealth building that helps our entire community thrive. I’m thrilled for the launch of this bold, visionary organization and look forward to partnering with Jaylen Brown and the team at Boston XChange to continue closing the wealth gap across our neighborhoods and make Boston a home for everyone,” said Boston’s Mayor Michelle Wu.
Among its offering of programs include The Boston Creator Incubator & Accelerator which offers up yo $100,000 in grant funding among other resources.
Applications for The Boston Creator Incubator & Accelerator are open until August 15, 2024 and can be submitted at www.bxchange.org/apply.