Hamet Watt, co-founder of MoviePass, is embarking on a new journey after the company’s dramatic downfall. He is currently raising funds for a new venture studio named Share Ventures, aimed at developing and supporting startups.
Watt shared with Business Insider that Share Ventures has already attracted nearly $20 million in funding from notable backers, including tech giants Alphabet and Amazon. The focus of the new venture will be on businesses related to the future of work and longevity.
He believes that the surge in artificial intelligence and the current high interest rates create optimal conditions for a venture capital approach that is distinct from traditional models. Share Ventures plans to develop its own software and utilize advanced language models to enhance internal operations.
Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach is advantageous as they strive to create companies from the ground up using cutting-edge tools.
He noted that many venture capital firms are investing in new technologies but aren’t fully implementing them in their own processes. He emphasized the significance of incorporating innovative data and automation into their work, which he views as a distinctive aspect of Share Ventures.
Watt’s motivation to focus on health and longevity stemmed from a personal loss; he lost his mother at the young age of 25. He remarked, “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.”
Reflecting on his past experiences, including the failure of MoviePass, which he explored in the documentary “MoviePass, MovieCrash,” he expressed his determination to continue innovating. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”