Hamet Watt, the co-founder of MoviePass, is moving forward from the company’s dramatic downturn and is actively raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the innovative concept of offering moviegoers a subscription service for unlimited theater access, announced to Business Insider that he has been diligently working on Share Ventures. This new venture has already secured nearly $20 million in funding from notable investors, including Alphabet and Amazon. Share Ventures is particularly focused on startups related to the future of work and longevity sectors.
Watt believes the current landscape of venture capital, influenced by the rise of artificial intelligence and elevated interest rates, is primed for a new, distinctive model. As a result, Share Ventures is developing proprietary software and complex language models to streamline its internal processes.
He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach, according to Watt, is beneficial since it allows them to build companies from inception while leveraging the most advanced tools available.
Watt expressed that many venture firms are investing in new technologies yet are not fully utilizing them in their operations. He emphasized the significance of incorporating novel data and automation, which he considers a unique aspect of their approach.
His personal motivation for focusing on health and longevity stems from the early loss of his mother at the age of 25. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
Watt acknowledged that his experience with MoviePass, which he recently revisited in the documentary “MoviePass, MovieCrash,” only fuels his desire to innovate further. He posed a reflective question: “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”