Hamet Watt, co-founder of MoviePass, is shifting his focus from the company’s failure 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 backing from major players like Alphabet and Amazon.
Share Ventures will focus on startups within the realms of the future of work and longevity. Watt believes the current landscape—marked by the AI revolution and high interest rates—creates an opportunity for a unique venture model. As part of this strategy, Share Ventures plans to harness its own software and complex language models to streamline internal processes.
Watt expressed that the traditional need for large funding is diminishing, allowing for quicker assessments of potential opportunities with less initial capital. He noted that many venture firms may invest in new technologies but fail to adopt and utilize them effectively.
His passion for health and longevity was sparked by personal experiences, particularly the loss of his mother when he was just 25, which made him reflect on mortality and the importance of innovative solutions in the health sector.
Watt remains undeterred by his past with MoviePass, having recently discussed its challenges in the documentary “MoviePass, MovieCrash.” He is motivated to apply his lessons learned to future endeavors, emphasizing the importance of courage in pursuit of innovation.