Hamet Watt, co-founder of MoviePass, is embarking on a new journey after the company’s notable downfall. He is currently working on Share Ventures, a new venture studio aimed at developing and funding startups.
Watt shared with Business Insider that Share Ventures has raised nearly $20 million, with major backers including Alphabet and Amazon. The focus of this new venture is on startups related to the future of work and longevity.
He believes that the current environment of soaring AI demand and high interest rates has created an opportunity for a distinctive venture capital model. Share Ventures plans to develop its own software alongside advanced language models to streamline its internal processes.
Watt emphasized the advantages of a leaner funding approach, stating, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This allows Share Ventures to construct companies from the ground up using cutting-edge tools.
He noted that while many venture firms are investing in new technologies, they often fail to fully integrate and utilize them in their operations. Watt remarked on the uniqueness of their strategy, highlighting the incorporation of novel data and automation in their processes.
Watt’s interest in health and longevity was sparked by personal tragedy; he lost his mother at the age of 25, shortly before she turned 50. This loss made him more aware of his own mortality.
Reflecting on his experience with MoviePass, which he discussed in the recent documentary “MoviePass, MovieCrash,” Watt expressed that setbacks only motivate him to continue innovating. He contemplates, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”