Hamet Watt, a co-founder of the innovative movie subscription service MoviePass, is embarking on a new venture following the company’s tumultuous decline. He is now leading Share Ventures, a new studio aimed at developing and funding startups.
Watt revealed to Business Insider that Share Ventures has successfully attracted almost $20 million in funding, with key investors that include tech giants Alphabet and Amazon. The firm intends to focus on startups in two significant areas: the future of work and longevity.
In light of the current AI boom and the rising interest rates, Watt believes the landscape for venture capital has become favorable for a unique business model. Share Ventures plans to leverage specially designed software and complex language models to streamline its operations and enhance internal processes.
Watt emphasized that their model allows them to identify opportunities earlier and with less capital than traditional methods. “You don’t need as large of funds… for us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools,” he stated.
He also observed that while many venture capital firms are investing in new technologies, they often do not utilize these advancements in their own operations. Watt is keen on using innovative data and automation processes, which he believes set Share Ventures apart from its competitors.
His interest in the health and longevity sectors is deeply personal. After the loss of his mother at a young age, he found himself contemplating mortality in a profound way. He shared, “When you lose your mom at a young age, it forces you to think about your own mortality, in a way that I don’t know that I was conscious of at the time.”
Despite the setbacks experienced with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” Watt is determined to innovate and keep pushing boundaries. He reflected on his entrepreneurial journey, stating that it is essential to learn from failures and possess the courage to try again, possibly leading to success.
Watt’s story serves as an inspiring reminder of resilience in entrepreneurship, as new failures can pave the way for future triumphs. As he redirects his passion and experiences into Share Ventures, there is potential for significant contributions to sectors focusing on work and health, ultimately benefiting many individuals and communities.