Hamet Watt, co-founder of MoviePass, is moving past the company’s notable collapse and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the concept of allowing moviegoers to pay a monthly subscription for unlimited theater access, has recently been working on Share Ventures. This new company has raised nearly $20 million in funding from investors including Alphabet and Amazon. Watt stated that Share Ventures is concentrating on startups within the realms of future work and longevity.
He believes that the current environment, characterized by an AI surge and elevated interest rates, calls for a distinctive venture capital approach. To this end, Share Ventures is developing its own software alongside sophisticated language models to streamline internal operations.
Watt highlighted the advantage of needing smaller capital investments while still identifying opportunities at an earlier stage. He mentioned, “This works well for us as we are building companies from the ground up, utilizing advanced tools to do so effectively.”
He observed that while numerous venture firms are putting money into innovative technologies, many do not actually implement or leverage these tools within their operations.
“Integrating novel data and automation into our processes is something we consider uniquely advantageous,” he added.
Watt’s personal experiences have greatly influenced his focus on health and longevity, particularly following the loss of his mother at the age of 25 when she was just 49. He shared, “Losing my mom at such a young age made me reconsider my own mortality in a way I hadn’t previously acknowledged.”
Reflecting on his experience with MoviePass, which he explored in the documentary “MoviePass, MovieCrash,” Watt stated that his setbacks have only fueled his desire to innovate. He concluded, “What have I learned, and what am I brave enough to attempt now — with the understanding that I might fail, but also might succeed?”