Hamet Watt, a co-founder of MoviePass, is taking a new direction after the company’s dramatic downfall by establishing a new venture studio aimed at developing and funding startups. Watt has launched Share Ventures, which has already raised nearly $20 million with support from major backers like Alphabet and Amazon.
Watt’s focus for Share Ventures is geared towards startups that operate in the realms of future work and longevity. He believes that the current climate, marked by the rise of artificial intelligence and prevailing high interest rates, presents an opportunity for a unique business model in venture capital. Share Ventures plans to utilize proprietary software and advanced language models to streamline its internal processes.
He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” Watt emphasized the advantage of building companies from the ground up using advanced tools, which allows for a proactive approach to development.
Watt noted that while many venture firms are investing in new technologies, few are fully integrating these innovations into their operations. He considers the use of novel data and automation in their processes to be a distinguishing factor for Share Ventures.
His interest in health and longevity was sparked by personal tragedy, specifically the loss of his mother at a young age, which prompted him to contemplate mortality and the importance of health advancements.
Reflecting on his experiences with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt sees failure as a learning opportunity that fuels his drive for innovation. He expresses a desire to embrace both the risks and rewards of attempting new ventures.