Hamet Watt, the co-founder of MoviePass, is moving forward from the company’s dramatic downfall and is in the process of raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011 under the concept of offering moviegoers a monthly subscription for unlimited theater access, has been busy with his new company, Share Ventures. According to Business Insider, Share Ventures has successfully secured nearly $20 million in funding from investors including Alphabet and Amazon. The focus of the new venture is on startups related to the future of work and longevity.
Watt believes that the current landscape, shaped by the surge in artificial intelligence and elevated interest rates, presents an opportunity for a distinctive venture capital model. This is why Share Ventures plans to create its own software and utilize complex language models to streamline its internal operations.
He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” Watt sees this as advantageous for building companies from the ground up using the latest tools.
Watt also observed that while many venture firms are investing in new technologies, they are not fully integrating or making use of them in their processes. He emphasizes the unique approach of incorporating new data and automation into Share Ventures’ operations.
His interest in health and longevity stems from personal experience, having lost his mother at the young age of 25. Her passing at just 49 years old prompted Watt to reflect on his own mortality.
Watt remarked, “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.”
Despite the challenges faced with MoviePass, which he has recently chronicled in the documentary “MoviePass, MovieCrash,” Watt remains committed to innovation. He expressed a forward-looking mindset regarding his ventures: “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”