The co-founder of MoviePass, Hamet Watt, is shifting focus from the company’s well-publicized decline to launching a new venture studio aimed at supporting startup development. Watt told Business Insider that he has been actively working on Share Ventures, which has raised nearly $20 million in funds. Investors backing this new initiative include major players like Alphabet and Amazon.
Watt’s new venture is particularly interested in startups that focus on the future of work and longevity. He believes the current landscape, characterized by the surge of artificial intelligence and high interest rates, presents an opportunity for a unique venture capital model. Share Ventures plans not only to invest but also to develop its own software and sophisticated language models to streamline its operations.
Watt noted that the current venture capital environment allows for smaller investments and early recognition of opportunities. He emphasized that this approach benefits their aim of building companies from the ground up while leveraging advanced technologies.
He pointed out that while many venture firms are investing in cutting-edge technologies, they often do not utilize them in their processes. Watt believes that employing innovative data and automation distinguishes Share Ventures from its competitors.
His interest in health and longevity is deeply personal, stemming from the loss of his mother when he was 25. This experience compelled him to reflect on mortality and motivated his focus on longevity-related ventures.
Watt remains undeterred by the challenges he faced with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash.” He expressed a desire to learn from past experiences and is determined to innovate despite the risk of failure.