Hamet Watt, co-founder of MoviePass, is embarking on a new journey after the company’s significant downfall. He is currently raising funds for Share Ventures, a new venture studio aimed at developing and financing startups.
Share Ventures has successfully garnered nearly $20 million in funding from significant backers, including Alphabet and Amazon. Watt stated that the studio will concentrate on startups operating within the future of work and longevity sectors.
Watt believes that the surge in artificial intelligence and the prevailing high interest rates have created favorable conditions for a distinct venture capital approach. Share Ventures plans to develop its own software and utilize advanced language models to streamline its internal processes.
“You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt explained. “For us, that’s beneficial as we are building companies from scratch, employing the most advanced tools to tackle this proactively.”
He noted that while many venture firms are investing in new technologies, they are not fully leveraging these innovations themselves. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
Watt’s interest in health and longevity was sparked by personal tragedy; he lost his mother at the age of 25 when she was just 49. This experience prompted him to contemplate his own mortality in a more profound manner.
In reflecting on his time with MoviePass, which he recently examined in the documentary “MoviePass, MovieCrash,” Watt expressed how the experience has fueled his motivation for innovation. He emphasized the importance of learning from failures and being willing to take risks.