Hamet Watt, one of the co-founders of MoviePass, is transitioning from the company that experienced a significant downturn. He is now focusing on a new venture studio, Share Ventures, which aims to develop and finance startups. Watt shared with Business Insider that the new company has successfully secured nearly $20 million in funding from investors like Alphabet and Amazon.
Share Ventures is particularly interested in startups that are focused on the future of work and longevity. Watt believes that recent developments, such as the rise of artificial intelligence and increased interest rates, have created an environment that demands innovative approaches to venture capital. He explained that Share Ventures is not only channeling investments but also creating its own software and sophisticated language models to streamline its internal operations.
In explaining his venture’s strategy, Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He believes this approach allows for the construction of companies from the ground up using advanced tools.
Watt also commented on the general landscape of venture capital, noting that while many firms are investing in emerging technologies, they are not effectively harnessing them in their operations. His firm’s unique use of data and automation is a fundamental aspect of their strategy.
Motivated by personal experiences, particularly the loss of his mother at a young age, Watt has developed a keen interest in health and longevity. He reflected on how this loss made him more aware of mortality, influencing his desire to innovate in this sector.
Despite facing setbacks with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains determined to pursue new opportunities and continue his journey of innovation. He emphasized the importance of learning from past failures, stating that he is not deterred by the possibility of future setbacks.
This new chapter for Watt brings hope for innovation in the venture capital space, especially as he works to apply the lessons learned from previous challenges to create impactful startups. His story is a testament to resilience and the belief in the potential for success even after experiencing failure.
Summary: Hamet Watt, co-founder of MoviePass, is launching a new venture studio, Share Ventures, which has already raised nearly $20 million from investors like Alphabet and Amazon. Focusing on startups in the realms of work and longevity, Watt aims to leverage advanced technology and innovative strategies to create new businesses. His personal experiences, particularly the loss of his mother, drive his commitment to health and longevity initiatives. Despite his past challenges at MoviePass, he remains motivated to continue innovating and learning from failures.