Hamet Watt, co-founder of MoviePass, is moving past the company’s dramatic collapse and is now focused on launching a new venture studio aimed at developing and funding startups.
In an interview with Business Insider, Watt noted that he has been actively working on Share Ventures, which has already raised nearly $20 million in funding from investors, including giant companies like Alphabet and Amazon. This new venture will concentrate on startups that are innovating in the future of work and health longevity sectors.
Watt believes that the current climate, characterized by the rise of artificial intelligence and elevated interest rates, presents a unique opportunity for a differentiated venture capital model. Share Ventures plans to create its software and develop advanced language models to streamline its internal operations.
He explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. For us, that’s a great thing because we’re building companies from scratch using advanced tools proactively.”
Watt also criticized some venture firms, stating that although many are investing in new technologies, they fail to integrate and utilize them effectively. He emphasized that leveraging innovative data and automation is a distinctive aspect of Share Ventures.
Watt’s personal experience drives his interest in health and longevity; he tragically lost his mother at the age of 25, which profoundly impacted his perspective on mortality. Reflecting on this loss, he stated, “When you lose your mom at a young age, it forces you to think about your own mortality.”
Despite the challenges faced with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt remains committed to innovation. He is motivated by the questions of what he has learned and the courage to pursue new ventures, even with the possibility of failure.