Hamet Watt, one of the founders of MoviePass, is moving beyond the company’s downturn and is now 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 theater access, has been busy with Share Ventures. This new company has already secured nearly $20 million in funding from prominent backers, including Alphabet and Amazon. Watt’s focus for the venture will be on startups related to the future of work and longevity.
He believes the current landscape of venture capital is favorable for innovative models, especially amidst the AI boom and high interest rates. Share Ventures is working on its own software and complex language models to enhance operational efficiency. Watt expressed that less capital is now required to identify promising opportunities early in their development.
Watt noted that many venture firms are investing in new technologies without fully harnessing them. “Utilizing novel data and automation in our processes is a distinctive feature of our approach,” he explained.
His interest in health and longevity was sparked by a personal tragedy when he lost his mother at a young age. This experience compelled him to confront his own mortality, which made him more aware of the importance of health innovations.
Reflecting on his past with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt is motivated by the lessons learned and is eager to attempt new innovations, acknowledging the possibility of both success and failure.