Hamet Watt, co-founder of MoviePass, is leaving behind the company’s dramatic downfall to focus on a new venture studio aimed at developing and funding startups. Founded in 2011, MoviePass allowed users to pay a monthly fee for unlimited access to movies in theaters, but ultimately faced significant challenges.
Watt has been busy with Share Ventures, which has secured nearly $20 million in funding from notable investors including Alphabet and Amazon. This new initiative aims to concentrate on startups in the areas of future work and longevity.
He believes the current landscape, shaped by advances in artificial intelligence and high interest rates, presents an opportunity for a unique venture capital model. Share Ventures plans to utilize its own software and complex language models to streamline internal operations. Watt explained that smaller funds can yield quicker insights into investment opportunities, enabling the creation of companies from the ground up while leveraging advanced tools.
Watt noted that while many venture firms are investing in new technologies, few are incorporating them into their own processes. His approach emphasizes the use of innovative data and automation to set Share Ventures apart.
Motivated by personal loss, specifically the death of his mother at a young age, Watt has developed a strong interest in health and longevity. He articulated that such experiences have profoundly influenced his perspective on mortality.
Reflecting on his past experiences with MoviePass, which he has discussed in the documentary “MoviePass, MovieCrash,” Watt remains determined to innovate. He contemplates the lessons learned and embraces the possibility of both failure and success as he embarks on this new venture.