Hamet Watt, the co-founder of MoviePass, is embarking on a new journey following the company’s notable collapse. He is actively raising funds for a new venture studio named Share Ventures, which aims to support and develop startups.
In an interview with Business Insider, Watt revealed that Share Ventures has already secured nearly $20 million, with major investments from companies like Alphabet and Amazon. The new venture will primarily focus on areas related to the future of work and longevity.
Watt observes that the current landscape, characterized by a surge in AI technologies and high-interest rates, creates an opportunity for a unique venture capital model. Share Ventures is not only identifying potential startups but is also integrating its own software and advanced language models to streamline its operations.
He explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This strategic approach allows Share Ventures to develop businesses from the ground up while utilizing cutting-edge tools efficiently.
Watt noted that while many venture firms are investing in emerging technologies, few are genuinely implementing and utilizing these innovations within their processes. He believes that integrating novel data and automation techniques distinguishes Share Ventures from traditional firms.
Personal experiences have shaped Watt’s focus on health and longevity. The loss of his mother at a young age deeply influenced his perspective on mortality and inspired a commitment to improving living conditions and longevity for others.
Reflecting on the failure of MoviePass, which he recently addressed in the HBO documentary “MoviePass, MovieCrash,” Watt views it as a learning experience that fuels his drive for innovation. He embraces the possibility of both failure and success in his new venture.
This new chapter for Watt is a testament to resilience and the spirit of innovation. By leveraging technology and personal motivation, he is positioned to make significant contributions to the startup ecosystem, potentially leading to groundbreaking advancements in important sectors.