Hamet Watt, co-founder of MoviePass, is moving on from the company’s dramatic downfall and is in the process of raising funds for a new venture studio aimed at developing and financing startups.
He has been actively working on Share Ventures, a new company that has garnered nearly $20 million in funding from investors including Alphabet and Amazon. Watt indicated that Share Ventures will concentrate on startups in the areas of future work and longevity.
Watt believes that the rise of artificial intelligence and the current high interest rates create an opportunity for a unique model in venture capital. He stated that Share Ventures is developing its own software and complex language models to streamline internal operations, indicating a shift in how startups can be built with less capital.
He remarked, “You don’t need as much funding, and you can identify opportunities much sooner with less financial backing.” He emphasized that this approach is advantageous as they aim to build companies from the ground up with the most advanced tools available.
Watt pointed out that although many venture firms are investing in new technologies, they are not fully integrating or utilizing them in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he explained.
His interest in health and longevity was sparked by a personal tragedy; he lost his mother at the young age of 25 when she was just 49. This experience has shaped his perspective on life and mortality.
Reflecting on his journey, Watt mentioned his learnings from the failures of MoviePass, which he elaborated on in the recent documentary “MoviePass, MovieCrash.” He expressed determination to continue innovating despite past setbacks, asking himself, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”