Hamet Watt, co-founder of MoviePass, is moving past the company’s dramatic decline and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt recently spoke to Business Insider about his efforts at Share Ventures, the company he has been working on, which has already attracted nearly $20 million in funding from investors including Alphabet and Amazon. The new venture aims to target startups involved in the areas of future work and longevity.
He believes the current landscape, marked by the AI boom and rising interest rates, has created an opportunity for a unique venture capital model, prompting Share Ventures to develop its own software and sophisticated language models to streamline its operations. Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” highlighting the advantages of starting new companies with state-of-the-art tools.
Watt also pointed out that while many venture firms are investing in new technologies, they often fail to fully utilize or embody them in their own processes. He emphasized that incorporating innovative data and automation sets Share Ventures apart.
His personal interest in health and longevity stems from the loss of his mother at a young age, which has shaped his perspective on life and mortality. Watt shared, “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 experience with MoviePass, which he discussed in the HBO documentary “MoviePass, MovieCrash,” Watt expressed his determination to keep innovating despite past failures, saying, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”