Hamet Watt, co-founder of the once-popular MoviePass, is embarking on a new journey following the company’s notable downfall. He is now focused on Share Ventures, a startup studio aimed at developing and investing in new ventures. In a conversation with Business Insider, Watt revealed that the new company has already attracted nearly $20 million in investment, with prominent backers including tech giants Alphabet and Amazon.
Share Ventures aims to target startups within the evolving sectors of work innovation and longevity. Watt believes that the current environment, characterized by the surge in artificial intelligence and rising interest rates, provides a unique opportunity for a differentiated investment model. His approach involves creating proprietary software and utilizing sophisticated language models to streamline internal operations, which he views as a significant advantage.
Watt commented on the changing landscape for venture capital, 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 build companies from the ground up while leveraging the latest technologies efficiently.
He also expressed his commitment to integrating innovative data and automation into the investment process, highlighting this as a distinctive trait of his firm compared to traditional venture capital approaches.
Watt’s interest in health and longevity stemmed from personal loss; he lost his mother at a young age, which significantly shaped his perspective on life and mortality. He described this experience as a catalyst for his desire to innovate in these areas.
Reflecting on his past with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” Watt emphasized that despite the setbacks, the lessons learned have only fueled his determination to innovate further. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he pondered.
This transition demonstrates Watt’s resilience and commitment to leveraging his experiences to drive future success. His new initiatives at Share Ventures could potentially contribute significantly to the future of workplace innovation and health advancements, providing a hopeful outlook amidst the challenges he faced with MoviePass.
In summary, Hamet Watt is shifting gears from his past with MoviePass to focus on creating a new venture studio that embraces modern technologies and aims to impact vital sectors of health and work.