Hamet Watt, co-founder of MoviePass, is moving on from the company’s notable decline and is now focused on raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who established MoviePass in 2011 with the innovative concept of offering moviegoers unlimited theater access for a monthly fee, has recently been working on Share Ventures. The new firm has already secured nearly $20 million in funding from notable backers, including Alphabet and Amazon. Watt indicated that the venture is particularly aimed at startups in the areas of future work and longevity.
He believes that the current environment, marked by an AI surge and high interest rates, has created an opportunity for a unique venture capital model. Share Ventures is not only developing software but is also employing sophisticated language models to streamline its internal processes. Watt explained that this approach allows for smaller funding requirements and earlier identification of opportunities, which is advantageous for building new companies using advanced tools.
Watt pointed out that while many venture firms are investing in new technologies, they often do not fully integrate or utilize them within their own operations. He emphasized that their use of innovative data and automation sets them apart in the industry.
His personal experience with loss sparked his interest in health and longevity after the passing of his mother when he was just 25 years old. Watt reflected on how this loss forced him to confront his own mortality in a way he had not previously considered.
Despite the setbacks he faced with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate and seize new opportunities. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”