Hamet Watt, co-founder of MoviePass, is moving past the company’s dramatic collapse and is now seeking funding for a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011 with the vision of offering moviegoers unlimited theater access for a monthly fee, has been diligently working on Share Ventures. This new company has raised nearly $20 million in funding, with notable backers including Alphabet and Amazon. Watt’s focus is on startups related to the future of work and longevity.
He believes that the current climate, characterized by the AI boom and elevated interest rates, presents an opportunity for a venture capital model that stands out from the rest. Consequently, Share Ventures is set to create its proprietary software and utilize advanced language models to enhance its internal operations.
Watt stated, “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.”
He pointed out that while many venture firms are investing in new technologies, they often do not fully integrate or utilize these innovations.
“Using novel data and automation in our process is something we think is uniquely special to us,” Watt emphasized.
His interest in health and longevity was sparked by the early loss of his mother when he was just 25 years old, a situation he described as having a profound impact on his perspective regarding mortality.
“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 remarked.
Watt has reflected on his experiences with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash.” He expressed that setbacks have only fueled his desire to pursue innovation.
“What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he stated.