Hamet Watt, co-founder of MoviePass, is shifting focus from the company’s dramatic downfall to entrepreneurial endeavors by raising funds for a new venture studio aimed at developing and financing startups.
Watt has been working on Share Ventures, which has successfully secured nearly $20 million in funding from investors, including Alphabet and Amazon. The new venture will concentrate on startups within the fields of future work and longevity.
He believes that the current environment, marked by a boom in artificial intelligence and high interest rates, has created an opportunity for a distinctive venture capital model. As a result, Share Ventures is developing its own software and sophisticated language models to enhance its operational efficiency.
Watt remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He sees this as advantageous as they work on building companies from the ground up using the latest tools.
He noted that while many venture firms are investing in new technologies, few are fully embracing and utilizing them in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
Watt’s interest in health and longevity was sparked by personal experience, having lost his mother at the young age of 25. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
Despite the setbacks faced with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt remains committed to innovation. He concluded by questioning what lessons he has learned and expressing his willingness to pursue new ventures, regardless of the risk of failure.