The co-founder of MoviePass, Hamet Watt, is transitioning from the company’s notable downfall to launching a new venture studio aimed at developing and funding startups.
In an interview with Business Insider, Watt revealed that his new company, Share Ventures, has already raised nearly $20 million, with investment from major backers such as Alphabet and Amazon. The focus of the venture will be on startups in the areas of future work and longevity.
Watt believes that the current AI surge and rising interest rates create favorable conditions for a “differentiated model” in venture capital. To this end, Share Ventures plans to develop its own software and leverage complex language models to streamline its internal operations.
He emphasized the advantages of lower capital requirements in this environment, stating, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach allows Share Ventures to build companies from the ground up using cutting-edge tools.
Watt noted that although many venture firms are investing in new technologies, they often fail to integrate and utilize them effectively. He expressed pride in Share Ventures’ commitment to incorporating novel data and automation into its processes.
Watt’s interest in health and longevity is personally driven, stemming from the loss of his mother when he was just 25. Reflecting on this experience, he said, “When you lose your mom at a young age, it forces you to think about your own mortality in a way that I don’t know that I was conscious of at the time.”
Despite the failure of MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” Watt’s experience has only fueled his desire to innovate. He is ready to embrace the challenges of entrepreneurship, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”