Hamet Watt, co-founder of the now-defunct MoviePass, is embarking on a new journey by establishing a venture studio that aims to develop and fund startups. After the dramatic downfall of MoviePass, which he launched in 2011, Watt is now focused on a new initiative called Share Ventures.
Watt has successfully raised nearly $20 million in funding for Share Ventures, which boasts notable investors, including Alphabet and Amazon. The venture will concentrate on startups that explore the future of work and longevity, reflecting Watt’s interest in health following the loss of his mother at a young age.
In a conversation with Business Insider, Watt shared his perspective on the current venture capital landscape. He believes that the rise of artificial intelligence and high interest rates have created an opportunity for a unique investment approach. Share Ventures plans to create its own software and utilize advanced language models to streamline its internal operations.
Watt emphasized the potential benefits of this approach, stating that smaller funds allow for earlier identification of promising opportunities. He also highlighted a distinguishing feature of Share Ventures: the use of innovative data and automation in the investment process, something he believes sets them apart from many traditional venture firms.
Reflecting on his past experiences, particularly the failures of MoviePass, Watt expressed a determination to continue innovating. He is motivated by the lessons learned from his previous venture and is ready to take risks in pursuit of success.