Hamet Watt, the co-founder of MoviePass, is moving forward from the company’s notable downfall and is now focused on raising capital for a new venture studio aimed at developing and funding startups.
Watt, who launched MoviePass in 2011 with the innovative concept of offering unlimited access to theaters for a monthly fee, has established Share Ventures. The new venture has already attracted nearly $20 million in funding from investors, including major firms like Alphabet and Amazon. The studio is targeting startups in the sectors of future work and longevity.
Watt believes the current environment, marked by advancements in artificial intelligence and high interest rates, creates an opportunity for a “differentiated model” in venture capital. Share Ventures plans to develop its own software and complex language models to streamline its operations more efficiently.
He noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively.”
Watt pointed out that while many venture firms are investing in new technologies, they often do not fully utilize or embody these advancements in their own operations. He emphasized that the use of novel data and automation in their processes sets them apart.
His interest in health and longevity was sparked by personal loss, having 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, in a way that I don’t know that I was conscious of at the time,” Watt shared.
Reflecting on the lessons learned from the failure of MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” he expressed a renewed determination to innovate. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”