Hamet Watt, co-founder of MoviePass, is moving forward from the company’s downfall and is now raising capital for a new venture studio aimed at developing and funding startups. Watt launched Share Ventures in 2011 with the revolutionary concept of offering moviegoers a monthly subscription for unlimited theater access.
According to Business Insider, Share Ventures has already attracted nearly $20 million in funding from investors, including tech giants Alphabet and Amazon. The studio plans to focus on startups in sectors related to the future of work and longevity.
Watt suggests that the current AI boom and high interest rates present an opportune environment for venture capital, making it essential to adopt a “differentiated model.” Share Ventures aims to develop its own software and complex language models to streamline its internal processes.
He explained that this approach allows for lower funding requirements and earlier identification of investment opportunities. “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 stated.
Watt observed that while many venture firms are investing in new technologies, few are actively utilizing them in their processes. He believes that incorporating innovative data and automation into their operations sets Share Ventures apart.
His interest in health and longevity was sparked at an early age after losing his mother at just 49. “When you lose your mom at a young age, it forces you to think about your own mortality,” Watt shared.
Despite the challenges faced with MoviePass, which he detailed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate. He reflected on his journey, asking himself, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”