By Tony Lawson
Phyllis Newhouse is the first Black woman to lead a special purpose acquisition company (SPAC). She is also a serial entrepreneur and investor, a retired military senior officer, and a mentor.
During her time in the United States Army, she focused on National Security and played a key role in founding the Cyber Espionage Task Force. Following a 22-year military career, she chose to pursue entrepreneurship.
In 2002, she founded Xtreme Solutions (XSI). XSI provides state-of-the-art information technology and cybersecurity services and solutions to federal agencies and major corporations. The firm holds a GSA Highly Adaptive Cybersecurity Services (HACS) contract and was awarded a $20.6 million contract with the U.S. Department of State in 2025.
In 2019, she founded ShoulderUp alongside Academy Award-winning actress Viola Davis, a nonprofit dedicated to connecting and supporting women on their entrepreneurial journeys.
In 2020, Phyllis co-founded Athena Technology Acquisition Corp., to carry out mergers, capital stock exchanges, asset acquisitions, stock purchases, and reorganizations with one or more businesses in the technology, DTC, and fintech industries.
While Athena is joining over 500 other active SPACs, only 17 of those have a woman as chair or CEO, according to SPAC Track.
In March 2021, Athena closed a $250 million IPO, making it the only SPAC listed on the NYSE with a Black woman CEO.
She told Forbes: “I think about the impact and responsibility that you have to be successful at this. You could be the first Black woman to lead a SPAC, and it could flop, and it would be a disaster, or you could be responsible and own this. So in my mind, from day one, I had to own this, because I know with the ownership comes a deep responsibility. Others are watching.”
