Hamet Watt, co-founder of MoviePass, is moving on from the company’s dramatic decline and is actively raising funds for a new venture studio aimed at developing and financing startups. Watt, who introduced MoviePass in 2011 with the concept of a monthly subscription for unlimited movie access, has been focusing on his new company, Share Ventures.
Share Ventures has attracted nearly $20 million in funding from notable investors, including Alphabet and Amazon. The venture is concentrating on startups in the realms of future work and longevity.
Watt believes that the rise of artificial intelligence and current high interest rates have created an opportunity for a “differentiated model” in venture capital. Consequently, Share Ventures is developing its own software along with advanced language models to streamline its internal operations.
He explained that smaller funds can yield valuable insights into opportunities at an earlier stage with less capital, benefiting their approach of building companies from the ground up using cutting-edge tools.
Watt noted that while many venture firms are investing in new technologies, few are fully integrating and utilizing them in their operations. He emphasized that leveraging innovative data and automation distinguishes their process from others.
His interest in health and longevity was sparked by a personal tragedy—losing his mother at the age of 25 when she was just 49. This experience prompted him to consider his own mortality in a way he hadn’t previously.
Reflecting on his challenges with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt expressed a renewed determination to innovate. He asked himself what he had learned from past failures and what new ventures he was courageous enough to pursue.