Hamet Watt, co-founder of the now-defunct MoviePass, has turned his focus away from the company’s downfall and is actively working to establish a new venture studio aimed at supporting startup development and funding.
Watt’s new company, Share Ventures, has successfully raised nearly $20 million, with notable investors including Alphabet and Amazon. The firm intends to concentrate on emerging businesses within the realms of work innovation and longevity.
He believes that the current landscape shaped by the AI boom and elevated interest rates presents an opportunity for a “differentiated model” in venture capital. As a result, Share Ventures plans to develop proprietary software and advanced language models to enhance its operations, as reported by Business Insider.
“You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt noted. “For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively.”
Watt highlighted that while many venture firms are backing new technologies, they often do not fully integrate or utilize them within their operations. He emphasized the uniqueness of Share Ventures in leveraging novel data and automation.
His personal experiences also drive his focus on health and longevity, particularly following the loss of his mother at the age of 25, who passed away at just 49. Watt 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 delves into in the documentary “MoviePass, MovieCrash,” Watt remains motivated to embrace innovation. He questioned, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”