Hamet Watt, co-founder of MoviePass, is moving forward after the company’s dramatic downfall by launching a new venture studio aimed at developing and funding startups.
In an interview with Business Insider, Watt shared that he has been busy with Share Ventures, which has already raised nearly $20 million from investors, including Alphabet and Amazon. The focus of this new company is on startups related to the future of work and longevity.
Watt believes the current landscape, marked by an AI boom and high interest rates, creates an opportunity for a “differentiated” model in venture capital. Share Ventures plans to create its own software and develop complex language models to automate its processes, allowing for quicker and more efficient fundraising and investment strategies.
He noted that larger amounts of capital are not always necessary to identify promising opportunities sooner. “For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively,” he explained.
Watt pointed out that many venture firms are investing in new technologies but often fail to incorporate and utilize them effectively in their own operations. He emphasized the unique approach of using innovative data and automation in their investment processes.
His interest in health and longevity was sparked by personal experiences, including the death of his mother when he was just 25 years old. This profound loss has motivated him to reflect on mortality and pursue innovations in health.
Watt discussed the lessons learned from the failure of MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash.” He is now determined to embrace the challenges of entrepreneurship once more, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”