Hamet Watt, co-founder of MoviePass, is moving beyond the company’s recent downfall and is working to raise funds for a new venture studio aimed at supporting the development of startups.
In an interview with Business Insider, Watt shared that he has been focused on his new company, Share Ventures, which has already amassed nearly $20 million in funding from investors including Alphabet and Amazon. The venture will concentrate on startups in the future of work and longevity sectors.
Watt believes that the current environment, characterized by an AI boom and high interest rates, presents an opportunity for a unique business model. Share Ventures plans to create its own software and complex language models to streamline its internal processes.
He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. For us, that’s a great thing because we’re building companies from scratch using advanced tools proactively.”
Watt highlighted that while many venture firms are investing in new technologies, not all are incorporating and utilizing them effectively within their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Motivated by a personal loss, Watt became passionate about health and longevity after the passing of his mother when he was 25. Her death at the age of 49 prompted him to reflect on his own mortality.
In sharing his experiences with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt expressed that his previous challenges only inspire him to pursue innovation. He remarked, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”