Hamet Watt, co-founder of MoviePass, is moving on from the company’s dramatic decline to launch a new venture studio aimed at developing and funding startups. Watt has been actively working on Share Ventures, which has raised nearly $20 million from investors including Alphabet and Amazon. The new firm will focus on startups related to the future of work and longevity.
Watt believes that the current landscape shaped by the rise of AI and high interest rates is favorable for a unique investment approach. Share Ventures intends to create its own software and advanced language models to streamline its operations. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt explained. This strategy is essential as they build companies from the ground up with cutting-edge technology.
He noted that while many venture capital firms are investing in new technologies, they often do not fully utilize them in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s interest in health and longevity emerged after he lost his mother when he was just 25 years old, a tragic event that made him reflect on his own mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he remarked.
Despite the setbacks faced with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt’s experiences have only fueled his determination to innovate. He is now focused on applying the insights gained from past failures in his new ventures. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he expressed.