With his latest business venture, Jaylen Brown is paying it forward. After signing one of the richest contracts in NBA history, a five-year, $304 million supermax contract extension with the 2024 NBA Champion Boston Celtics, Brown announced his commitment to pour back into the city’s community. Hoping to address Boston’s wealth imbalance, which he says “no one wants to talk about,” the Celtics’ star set forth to bring Black Wall Street to the capital of Massachusetts.
“I want to launch a project to bring Black Wall Street here in Boston,” he said, as previously reported by theGrio. “I want to attack the wealth disparity here. I think there’s analytics that supports that stimulating the wealth gap could actually be something that could be better meant for the entire economy.”
As a first step in his mission, Brown has launched “Boston XChange” (BXC), an organization aiming to empower historically marginalized communities through innovative programming, strategic partnerships, and a state-of-the-art incubator. This reimagination of Black Wall Street is reportedly focused on generating $5 billion in generational wealth within local communities under a model that’s scalable throughout the Greater Boston Area and beyond.
“True systemic change requires collaboration, shared vision, and collective impact,” the basketball player and founder said in a statement on the BXC website. “By working with community partners, thought leaders, and cultural influencers, we can create a powerful network of support and innovation.”
Business
To kickstart his efforts to help the community, on Aug. 1, the first day of Black Business Month, BXC opened its applications for the Boston Creator Incubator and Accelerator. Launched in collaboration with fellow NBA star Jrue Holiday and his foundation, the JLH Social Impact Fund, the “Own Your Future” creator program will equip “visionary creators with the business resources and support to turn their ideas into reality,” while simultaneously fueling the local economy. Offering up to $100k in grants, free workspace, tailored coaching from Harvard Business School, MIT Entrepreneurship Center, and more, the program is open to all founders over 18 who are leading for-profit companies in Boston.
“One of our goals is to identify gaps and amplify the incredible work that’s already taken place,” Brown told The Boston Globe. “We have been building resources for more than a year, but BXC is just getting started, and we can’t do it alone.”
However, BXC is only a small part of the change Brown hopes to spark in Boston. By funding under-invested creators and entrepreneurs, the Celtics shooting guard hopes to empower Boston’s creative, economic and cultural future which he hopes will be “be part of [his] legacy.”
“Together, we can close the wealth gap and transform Boston’s economic landscape, ensuring that every individual has the opportunity to thrive and succeed,” Brown added on Instagram.
