Hamet Watt, co-founder of the now-defunct MoviePass, is embarking on a new journey after the company’s dramatic downfall. He is now focusing on a venture studio named Share Ventures, which aims to develop and fund startups.
Watt revealed to Business Insider that Share Ventures has already raised nearly $20 million, with significant backing from notable investors like Alphabet and Amazon. The new venture is concentrated on startups that center around the future of work and longevity.
In light of the current AI boom and rising interest rates, Watt believes the venture capital landscape is ready for a unique model. Share Ventures plans to create its own software and sophisticated language models to streamline its internal processes. He noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” emphasizing the advantages of building companies with cutting-edge tools.
Watt pointed out that while many venture firms are investing in new technologies, they often do not fully integrate or utilize them in their operations. He expressed that employing innovative data and automation sets Share Ventures apart from competitors.
His interest in health and longevity was sparked by a personal tragedy; Watt lost his mother at the age of 25 when she was just 49. This loss led him to contemplate his own mortality, deeply influencing his professional focus.
Reflecting on his experience with MoviePass, which he discussed in the recent documentary “MoviePass, MovieCrash,” Watt conveyed that the lessons learned from that failure have only fueled his desire to innovate. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”