Hamet Watt, co-founder of MoviePass, is moving on from the company’s significant downfall and is now focused on raising funds for a new venture studio aimed at developing and supporting startups. Watt told Business Insider that he has been diligently working on Share Ventures, which has already secured nearly $20 million in funding from investors including Alphabet and Amazon.
The new venture is concentrating on startups within the future of work and longevity sectors. Watt believes that the current AI boom and rising interest rates present a prime opportunity for a differentiated business model. As a result, Share Ventures is developing its own software and advanced language models to streamline its internal operations.
Watt explained that with less capital required, it is possible to identify opportunities much earlier in the investment process. This approach is advantageous for building companies from the ground up while leveraging cutting-edge tools and technologies.
He noted that many venture firms are investing in emerging technologies but rarely utilize them in their own operations. “Using novel data and automation in our process is something we think is uniquely special to us,” Watt remarked.
His interest in health and longevity is deeply personal, stemming from the loss of his mother at the young age of 25, which prompted him to reflect on mortality more profoundly.
Watt has described his experience with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash”, as a source of motivation for continued innovation. He emphasized the importance of learning from failures and having the courage to pursue new endeavors, regardless of potential setbacks.