Hamet Watt, co-founder of the defunct MoviePass, is shifting focus from the company’s dramatic decline to launch a new venture studio aimed at nurturing and financing startups. Watt recently shared insights with Business Insider about his latest project, Share Ventures.
The new venture has garnered nearly $20 million in funding from investors including tech giants Alphabet and Amazon. Watt’s vision for Share Ventures centers on developing startups in sectors related to the future of work and health longevity.
Watt believes that the current landscape, characterized by a boom in artificial intelligence and elevated interest rates, presents a unique opportunity for a more distinct venture capital model. As such, Share Ventures intends to create its own software and utilize advanced language models to streamline its internal operations.
He remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach aligns with their plan to build companies from the ground up, leveraging cutting-edge tools to enhance their efforts.
Watt pointed out that while several venture firms are investing in emerging technologies, they often do not fully integrate these innovations into their processes. “Using novel data and automation in our process is something we think is uniquely special,” he stated.
His drive toward health and longevity initiatives was influenced by the tragic loss of his mother at the age of 49 when Watt was just 25. This personal experience instilled in him a heightened awareness of mortality.
Reflecting on his journey, Watt expressed that his past challenges with MoviePass, which he explored in the HBO documentary “MoviePass, MovieCrash,” have only strengthened his resolve to pursue innovation. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he concluded.