Hamet Watt, co-founder of MoviePass, is moving past the company’s notable downfall and is now focused on raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011 to offer moviegoers a subscription model for unlimited theater access, has been working on Share Ventures, which has attracted nearly $20 million in funding with notable investors like Alphabet and Amazon. This new venture will concentrate on startups related to the future of work and longevity.
Watt believes that the rise of artificial intelligence and high interest rates have created favorable conditions for a unique venture capital model. Share Ventures plans to create its own software and advanced language models to enhance its internal processes.
He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He sees this as an opportunity, as they are building companies from the ground up while leveraging advanced tools proactively.
Watt observed that many venture firms are investing in emerging technologies without actually utilizing them effectively. He emphasized that their approach, which combines innovative data use and automation in their processes, sets them apart.
His personal experiences have influenced his focus on health and longevity, particularly after losing his mother at the age of 25 when she was just 49. This loss prompted him to reflect on his own mortality.
Watt views his setbacks with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” as a source of motivation rather than a deterrent. He is eager to take risks in pursuit of innovation, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”