Hamet Watt, co-founder of MoviePass, is shifting his focus away from the company’s notable downfall and is now seeking funding for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011, envisioned a model where movie enthusiasts could enjoy unlimited theater access for a monthly subscription fee. He has recently been working on Share Ventures, which has raised nearly $20 million in funding, attracting investors including Alphabet and Amazon. The new venture will target startups in the areas of future work and longevity.
Watt believes that the current landscape of high interest rates and the rise of artificial intelligence presents an opportunity for a “differentiated model.” As such, Share Ventures plans to develop its own software alongside advanced language models to streamline its operations.
He explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach allows Share Ventures to build new companies while utilizing cutting-edge tools.
Watt noted that while many venture firms are investing in emerging technologies, few are actually implementing those technologies in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
His personal experiences have shaped his interest in health and longevity, particularly after losing 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.
While discussing his previous experience with MoviePass, featured in the documentary “MoviePass, MovieCrash,” Watt expressed that setbacks only drive his desire to innovate. 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?”