A program aimed at creating millions in generational wealth for Black families held its first event on Friday by merging technology and culture to create change.
The program, Oakland Xchange, is backed by Boston Celtics star Jaylen Brown, who went to Cal, and Bay Area basketball legend Jason Kidd, who also attended UC Berkeley. The NBA stars have teamed up with local group Oakstop to help move Oakland forward.
Friday's event was dubbed Xcelerate.
"The goal of Xcelerate is for us to bring together people from across different industries – technology, social justice, business, activism – and really focus on what does Oakland need to do to come together to drive solutions that are going to allow us to see the changes that we want to see in our community," Oakstop founder and CEO Trevor Parham said.
Brown and Kidd launched Oakland Xchange earlier this month in partnership with Parham's Oakstop, which provides event and workspaces to entrepreneurs.
The goal of the partnership is to connect minority communities with capital, including an entrepreneurship program that will provide the tools for 50 people to launch their own business.
Parham has already received hundreds of applications ahead of Saturday's deadline.
"What we are focused on is both helping entrepreneurs with the basics and the core skills and improvements of their businesses," Parham said. "But then from there helping them understand what type of capital do you need."
Aspiring entrepreneurs like Jumoke Hinton believe events like Xcelerate will help her overcome obstacles and achieve her dream of becoming a business owner.
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"I'm inspired. I came for inspiration for sure. I want to see what it looks like for me to get capital to support what I'm doing," Hinton said. "There has always been this struggle around money and resources. So how do I get on the other side of that? How do I think about that there is abundance and there are great opportunities and ideas?"
Deputy Mayor Kimberly Mayfield is focusing on the future of Oakland – one she hopes will include a historically Black college. Mayfield hopes ideas brewing at Friday's event will push the entire town forward.
"Oakland is having a rebirth of sorts around the investment in Black-owned businesses and the Black entrepreneurial spirit," Mayfield said. "Oakland Xchange is the next iteration of that."
