Hamet Watt, co-founder of MoviePass, is moving past the company’s significant collapse and is now seeking capital for a new venture studio aimed at developing and funding startups.
The newly established company, Share Ventures, has raised nearly $20 million, with investment from notable backers such as Alphabet and Amazon. Watt emphasized that the firm focuses on startups related to future work and longevity.
He believes that the current environment of AI advancements and elevated interest rates has created a favorable landscape for a “differentiated model” in venture capital. To this end, Share Ventures plans to develop its own software and advanced language models to streamline operations within the firm.
Watt noted, “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 for Share Ventures as it aims to build companies from the ground up while utilizing state-of-the-art tools.
Watt highlighted that many venture firms are investing in new technologies but are not fully leveraging them in their own operations, a gap that he aims to fill with innovative data and automation methods.
His personal background in health and longevity was influenced by the early loss of his mother, who passed away at the age of 49 when Watt was just 25. He reflected, “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.”
Despite the challenges faced with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt remains undeterred. He expressed a desire to innovate and is prepared to embrace both success and potential failure in his future endeavors.