Hamet Watt, co-founder of MoviePass, is moving forward after the company’s dramatic downfall and is now focused on raising funds for a new venture studio aimed at supporting startups.
Watt has been working on a project called Share Ventures, which has successfully secured nearly $20 million in funding from notable investors, including Alphabet and Amazon. The new venture is concentrating on companies involved in the future of work and health longevity.
Watt believes that the current surge in artificial intelligence and high interest rates have created a prime environment for a unique venture capital model. Share Ventures plans to develop its own software and utilize advanced language models to streamline its internal processes, allowing for earlier identification of promising opportunities with less investment.
He 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 benefits Share Ventures as it aims to build companies from the ground up using cutting-edge tools.
Watt emphasized that while many venture firms are investing in new technologies, they often do not fully embrace and utilize them in their processes. He added that leveraging innovative data and automation sets them apart in the industry.
His personal interest in health and longevity was sparked by the early loss of his mother, who passed away at 49 when he was just 25 years old. This experience profoundly influenced his perspective on mortality.
Reflecting on his experience with MoviePass, which is the subject of the documentary “MoviePass, MovieCrash,” Watt expressed a desire to continue innovating despite past failures. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”