The co-founder of MoviePass, Hamet Watt, is shifting focus from the company’s downfall to a new venture studio aimed at developing and funding startups. With Share Ventures, Watt has successfully raised nearly $20 million, attracting investments from major companies like Alphabet and Amazon.
Watt explained that Share Ventures will concentrate on startups in the realms of future work and longevity. He believes the current landscape, influenced by the rise of artificial intelligence and high interest rates, has created an opportunity for a unique venture capital approach. By developing its own software and sophisticated language models, Share Ventures aims to streamline its internal operations and enhance its investment strategy.
“You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt stated. He recognizes the importance of leveraging advanced technological tools to proactively build companies from the ground up.
Watt observed that while many venture firms are investing in new technologies, they often do not fully integrate or utilize these innovations. He emphasized the distinctive advantage of using novel data and automation in their processes.
His personal experiences have also influenced his work; the loss of his mother when he was just 25 years old sparked his interest in health and longevity. “When you lose your mom at a young age, it forces you to think about your own mortality,” he admitted.
Despite the challenges faced with MoviePass, which he discusses in the documentary “MoviePass, MovieCrash,” Watt remains committed to innovation and the entrepreneurial journey. He is determined to explore new ideas and embrace the possibility of both failure and success.