Hamet Watt, co-founder of MoviePass, has moved on from the company’s significant downfall and is now raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011, conceived the idea of offering moviegoers an unlimited access subscription model. He shared with Business Insider that he has been actively working on Share Ventures, which has raised nearly $20 million with backing from major companies like Alphabet and Amazon.
The focus of Share Ventures will be on startups related to the future of work and longevity. Watt believes that the current environment, influenced by the AI boom and high interest rates, presents an opportunity for a “differentiated” model in venture capital. This is why Share Ventures is also developing its own software and complex language models to enhance its operational efficiency.
Watt emphasized that smaller funds allow for quicker identification of opportunities. He commented, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.”
In his view, many venture firms are investing in new technologies but aren’t fully utilizing them. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
His personal experiences, particularly the loss of his mother at a young age, have driven his interest in health and longevity. He reflected, “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 he faced with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt is motivated to continue innovating. He said, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”