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 supporting and developing startups.
Since launching MoviePass in 2011 with the concept of allowing moviegoers to pay a monthly fee for unlimited theater access, Watt has transitioned to a new endeavor called Share Ventures. This new company has garnered nearly $20 million in funding from investors, including major players like Alphabet and Amazon. Watt has stated that Share Ventures will concentrate on startups within the realms of future work and longevity.
Watt believes the current market conditions, characterized by a surge in artificial intelligence and rising interest rates, present an opportunity for a distinctive venture capital model. Share Ventures is planning to develop its own software and complex language models to streamline its internal workflows. He emphasized that smaller fund sizes could allow for earlier detection of potential opportunities with less capital required.
He noted that many traditional venture firms invest in emerging technologies without fully integrating or utilizing them within their operations. In contrast, Share Ventures aims to distinguish itself through innovative data usage and automation methods.
Watt’s keen interest in health and longevity was influenced by personal loss; he lost his mother at the age of 25, prompting reflections on mortality. He expressed the importance of this experience in shaping his perspectives on life and his business ambitions.
Despite the downturn of MoviePass, which he has recently revisited in the documentary “MoviePass, MovieCrash,” Watt remains undeterred. He is driven by questions regarding lessons learned and the willingness to innovate again, emphasizing the possibility of both failure and success in future endeavors.