Hamet Watt, the co-founder of MoviePass, is shifting his focus from the company’s notable downfall to launching a new venture studio aimed at developing and funding startups. Watt has been actively working on Share Ventures, which has recently raised nearly $20 million in funding from prominent backers, including Alphabet and Amazon.
The new venture is concentrating on startups related to the future of work and longevity. Watt believes that the recent surge in artificial intelligence and high interest rates present a favorable environment for a distinct investment model. Share Ventures plans to develop its own software and advanced language models to streamline its internal processes.
Watt explained that having smaller funds allows for earlier identification of opportunities with less capital, which is advantageous for building new companies from the ground up using cutting-edge tools. He highlighted that while many venture firms are investing in emergent technologies, few are actually integrating and utilizing them effectively in their operations.
Watt’s personal experience with loss, particularly the death of his mother at a young age, significantly influenced his interest in health and longevity. He stated that this loss prompted him to reflect on his own mortality in a profound way.
Despite the challenges faced by MoviePass, which he delved into during the documentary “MoviePass, MovieCrash,” Watt remains determined to innovate. He is motivated by the lessons learned from his past endeavors and is eager to pursue new opportunities, embracing the possibility of both failure and success.