Hamet Watt, a co-founder of MoviePass, is moving beyond the company’s notable downfall and is in the process of raising funds for a new venture studio aimed at supporting the development and financial backing of startups.
Watt has been actively engaged with Share Ventures, which has successfully secured nearly $20 million in funding from investors, including major players like Alphabet and Amazon. The focus of this new venture is on startups within the realms of future work and longevity.
He believes that the current AI boom, coupled with elevated interest rates, has created an ideal environment for a distinct venture capital model. Share Ventures plans to develop its own software along with sophisticated language models to streamline its internal operations. Watt expressed that this approach allows for smaller funding requirements and enables earlier detection of promising opportunities.
Watt pointed out that while many venture firms are pouring investments into new technologies, they often aren’t fully integrating or utilizing these innovations within their own processes. He emphasized the unique value of incorporating novel data and automation into Share Ventures’ operations.
His personal interest in health and longevity was sparked by the experience of losing his mother at the young age of 25; she passed away when she was just 49. This profound loss compelled him to reflect on his own mortality in a significant way.
Watt has taken his experiences with the failure of MoviePass as a motivation to continue striving for innovation, as he shared in a recent documentary titled “MoviePass, MovieCrash.” He expressed a determination to learn from past challenges and maintain the courage to pursue new ventures, regardless of the possibility of failure.