Hamet Watt, co-founder of MoviePass, is moving forward from the company’s dramatic downfall and is currently raising funds for a new venture studio aimed at developing and funding startups.
Watt, who launched MoviePass in 2011 to provide movie enthusiasts with a subscription for unlimited theater access, has been working hard on Share Ventures. The new firm has attracted nearly $20 million in funding, with notable investors including Alphabet and Amazon. Watt indicated that the venture will focus on startups in the areas of future work and longevity.
He believes that the combination of the AI boom and high interest rates has created an opportunity for a “differentiated model” in venture capital. As such, Share Ventures aims to develop its own software and complex language models to streamline its internal processes.
Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He mentioned that this approach is beneficial as it allows the company to build new businesses from the ground up using advanced tools.
He noted that many venture firms are investing in emerging technologies but are not fully integrating these innovations into their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” Watt explained.
Watt’s interest in health and longevity was sparked by the loss of his mother when he was just 25 years old. “When you lose your mom at a young age, it forces you to think about your own mortality, in a way that I don’t know that I was conscious of at the time,” he reflected.
The lessons learned from his experience with MoviePass, which he recently covered in the documentary “MoviePass, MovieCrash,” have only fueled his desire to innovate further. He expressed a willingness to take risks, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”