The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s notable collapse to establish a new venture studio aimed at developing and funding startups. In an interview with Business Insider, Watt shared that he has been actively engaged with Share Ventures, which has successfully raised nearly $20 million in funding, including investments from notable backers like Alphabet and Amazon.
Share Ventures is concentrating on startups focused on the future of work and longevity sectors. Watt believes that the current landscape, influenced by the AI boom and high interest rates, is conducive to a distinct venture capital approach. This involves the creation of proprietary software and complex language models to enhance internal processes.
Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He emphasized that this is beneficial for his firm as they are building companies from the ground up utilizing cutting-edge tools.
He noted that while many venture firms are investing in new technologies, they often do not implement or leverage these innovations themselves. Watt expressed that their unique approach relies on novel data and automation in their processes.
Watt’s personal experiences have also shaped his focus on health and longevity, motivated by the loss of his mother at a young age. He remarked, “When you lose your mom at a young age, it forces you to think about your own mortality, in a way that I don’t know that I was conscious of at the time.”
Reflecting on his previous venture with MoviePass, which he discussed in the recent documentary “MoviePass, MovieCrash,” Watt conveyed that the experience of failure has only fueled his desire to innovate further. 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?”