The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s notable downfall and is in the process of raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011, has now founded Share Ventures, which has already attracted nearly $20 million in funding from investors including Alphabet and Amazon. The focus of Share Ventures is on startups within the future of work and longevity sectors.
He believes that the current landscape, influenced by the AI surge and high interest rates, presents an opportunity for a “differentiated model” in venture capital. To capitalize on this, Share Ventures is developing its own software in conjunction with sophisticated language models to streamline internal operations, as reported by Business Insider.
Watt commented that smaller funding requirements enable earlier identification of worthwhile opportunities, which he believes is advantageous for their approach of building companies from the ground up with the aid of advanced tools.
Despite many firms investing in new technologies, Watt feels that few are actually adopting and utilizing these advancements in their own processes. He emphasized the importance of novel data and automation as a unique aspect of their operations.
His interest in health and longevity was spurred by personal loss, as he lost his mother at the age of 25. This experience prompted him to reflect on his own mortality.
Watt’s previous experiences with MoviePass, which he discusses in the documentary “MoviePass, MovieCrash,” have only fueled his desire to innovate further. He expressed a determination to learn from past failures and take bold steps in his new endeavors.