Hamet Watt, co-founder of MoviePass, is moving past the company’s infamous decline and is focused on raising capital for a new venture studio aimed at nurturing and funding startups.
Watt, who launched MoviePass in 2011 with the concept of offering unlimited theater access for a monthly fee, has been diligently working on Share Ventures, which has already secured nearly $20 million in funding. Notable backers of this new venture include Alphabet and Amazon, with a focus on the future of work and longevity sectors.
Watt believes that the current landscape of venture capital, influenced by the AI boom and rising interest rates, is ready for a distinctive model. As a result, Share Ventures is developing its own software and complex language models to streamline its internal processes.
He noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” emphasizing the advantages of building companies from the ground up using advanced tools.
Watt pointed out that many venture firms invest in emerging technologies but fail to fully integrate and utilize them in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
His interest in health and longevity stems from a personal experience; Watt lost his mother at the age of 25 when she was just 49. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
Despite the setbacks of MoviePass, which he recently recounted in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate and explore new opportunities, expressing a willingness to embrace potential failures along the way.