Hamet Watt, co-founder of the ill-fated MoviePass, is moving forward from the company’s dramatic downfall and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt spoke to Business Insider about his efforts with Share Ventures, which has already secured nearly $20 million in funding from notable backers such as Alphabet and Amazon. The startup will concentrate on businesses in the future of work and health longevity sectors.
He believes that the current environment, characterized by the AI surge and high interest rates, is conducive for a distinct venture capital model. To this end, Share Ventures is developing its own software and complex language models to streamline internal operations. He explained that smaller funds are now effective in identifying opportunities faster, enabling them to build companies from the ground up using the latest tools.
Watt noted that while many venture firms are investing in emerging technologies, they often fail to incorporate and utilize them effectively in their processes.
He expressed a personal connection to the longevity sector, which stems from losing his mother at a young age, prompting him to reflect on life and mortality.
The lessons learned from his experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” have only fueled his desire to innovate further, as he contemplates the courage needed to pursue new ventures—embracing both the possibility of failure and success.