The co-founder of MoviePass is embarking on a new journey following the company’s notable downfall, as he seeks to raise funds for a new venture studio aimed at developing and supporting startups.
Hamet Watt, who co-founded MoviePass in 2011 with the vision of offering moviegoers a subscription service for unlimited access to theaters, has been fully engaged with Share Ventures. This new enterprise has already garnered nearly $20 million in funding, with significant backing from major players like Alphabet and Amazon. Watt explained that the venture will focus on startups within the realms of future work and longevity.
Watt believes that the current landscape, influenced by advancements in AI and rising interest rates, presents a unique opportunity for a distinctive venture capital model. Share Ventures plans to develop its own software and leverage complex language models to enhance its internal operations. He noted the advantages of needing smaller funds and the ability to identify promising opportunities earlier with less capital. This approach is particularly beneficial for building new companies using cutting-edge tools.
Watt pointed out that many venture firms are investing in new technologies but are not truly integrating or utilizing those innovations in their processes. He emphasized the importance of employing novel data and automation as a key differentiator for his venture.
His interest in health and longevity was sparked by personal tragedy, as he lost his mother at the age of 25 when she was just 49. This life experience has profoundly influenced his perspective on mortality and health.
Watt’s experiences with the demise of MoviePass, which he recently reflected on in the documentary “MoviePass, MovieCrash,” have fueled his determination to innovate. He is driven by a desire to learn from his past and to take bold steps forward, embracing the possibility of both failure and success in his new venture.