Hamet Watt, co-founder of MoviePass, is embarking on a new venture following the company’s notable decline. He has established Share Ventures, a studio focused on developing and funding startups. Watt informed Business Insider that the new company has garnered nearly $20 million in funding from investors, including Alphabet and Amazon, and intends to concentrate on startups within the future of work and longevity sectors.
Watt believes that the current landscape, characterized by advancements in artificial intelligence and elevated interest rates, creates an opportunity for a unique venture capital model. To address this, Share Ventures is developing its own software and employing complex language models to streamline its internal processes.
He remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” highlighting the advantages of building companies from the ground up while leveraging advanced tools.
Watt noted that many venture firms are investing in new technologies, yet few are fully incorporating these innovations into their operations. He emphasized the special approach Share Ventures is taking by utilizing novel data and automation.
His interest in health and longevity was ignited by the loss of his mother at a young age, which prompted him to reflect on mortality in a way that he had not previously considered.
Watt’s experience with the failure of MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” has only fueled his desire to innovate and take risks in his new endeavors. He expressed a determination to apply what he has learned and face the challenges of starting anew.