Merging sports stardom with community development, Boston Celtics guard Jaylen Brown unveiled a plan to create a modern-day Black Wall Street in Boston. The 27-year-old NBA star is leveraging his $304 million contract extension to fuel a nonprofit initiative. The program will generate $5 billion in generational wealth for communities of color. According to the Boston Globe, Brown’s nonprofit, Boston XChange (BXC), launched its first program, the Boston Creator Incubator + Accelerator, on August 1.
This initiative is in collaboration with teammate Jrue Holiday and his wife Lauren’s JLH Social Impact Fund. The project will sponsor ten entrepreneurs in Greater Boston’s creative economy.
“It will be a hub for diverse creators and entrepreneurs,” Brown told Shirley Leung of the Boston Globe. “It will operate kind of at the intersection between business and culture. I believe that when you invest in the creator and the culture, it strengthens entire cities.”
How Will Jaylen Brown’s Boston XChange Close The Racial Wealth Gap In Boston?
Through the program, selected entrepreneurs can receive a three-year award of up to $100,000. They will also get over $150,000 worth of workspace and business services. Those interested in applying should submit their applications by August 15, 2024. Brown’s approach directly addresses Boston’s glaring economic inequality. A 2015 Boston Federal Reserve Bank survey found that non-immigrant Black households in Greater Boston had a median net worth of $8, compared to $250,000 for white households.
“To be able to give access to capital, create sustainability and culturally competent initiatives, all of these insights have informed us on how to create this program for Boston,” Brown stated in a recent interview with Bloomberg. So far, BXC has garnered support from prominent institutions, including MIT’s Martin Trust Center, Harvard Business School, and Roxbury Community College. The plan has also engaged with local organizations such as the Black Economic Council of Massachusetts and the Boston Impact Initiative.
Boston Mayor Michelle Wu expressed enthusiasm for the project. She stated, “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.”
Brown envisions BXC as more than just an incubator. He plans to develop a state-of-the-art space in Boston to nurture the creative economy. This space will function as part incubator and part maker space, with mentoring, coaching, and other resources to help startups succeed.
