The co-founder of MoviePass, Hamet Watt, is shifting gears from the company’s notable downfall and is now focused on a new venture studio aimed at developing and funding startups.
In an interview with Business Insider, Watt shared that he has been dedicated to his new company, Share Ventures, which has already secured nearly $20 million in funding with notable investors including Alphabet and Amazon. The venture is primarily targeting startups in the realms of future work and longevity.
Watt believes the current landscape, shaped by the surge of AI technology and elevated interest rates, is conducive to a “differentiated model” in venture capital. As a result, Share Ventures plans to develop its own software and complex language models to streamline their internal processes.
He explained, “You don’t need as large of funds, and you can get signals on an opportunity much earlier with much less capital. For us, that’s a great thing because we’re building companies from scratch and leveraging the most advanced tools to do that effectively.”
Watt noted that while many venture firms are pouring money into new technologies, they often do not utilize them in their own operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
His personal interest in health and longevity was influenced by the early loss of his mother, who passed away at the age of 49 when Watt was just 25. This experience has shaped his perspective on mortality and innovation.
Reflecting on his experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt expressed a desire to continue innovating. 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?”