Hamet Watt, co-founder of MoviePass, is stepping away from the company’s dramatic downfall to focus on a new venture studio aimed at developing and funding startups. Since launching MoviePass in 2011, which allowed moviegoers unlimited access to theaters for a monthly fee, Watt has shifted his attention to Share Ventures.
Share Ventures has successfully raised nearly $20 million, attracting investors such as Alphabet and Amazon. The studio intends to concentrate on startups in the domains of future work and longevity. Watt believes that the current landscape, influenced by the AI surge and rising interest rates, has created a favorable environment for a unique venture capital model. As a result, Share Ventures plans to create its own software, alongside advanced language models, to streamline its internal processes.
Watt emphasized that operating with smaller funds can provide earlier insights into opportunities with much less capital. This approach is advantageous for building companies from the ground up while leveraging advanced technological tools. He noted a trend in many venture firms that invest in new technologies but do not actively utilize them.
His personal experiences shaped his interest in health and longevity, particularly after losing his mother at a young age. This loss prompted him to confront his own mortality more consciously.
Reflecting on his time at MoviePass, which is discussed in the documentary “MoviePass, MovieCrash,” Watt expressed that the setbacks have only fueled his desire to innovate. He remains open to taking risks, understanding that failure may accompany new ventures, but success is also a possibility.