Hamet Watt, co-founder of MoviePass, is moving past the company’s dramatic collapse to focus on a new venture studio aimed at developing and funding startups. Watt, who launched MoviePass in 2011 with the concept of unlimited movie access for a monthly fee, is now leading Share Ventures.
The new company has attracted nearly $20 million in funding from investors, including tech giants Alphabet and Amazon. Watt indicated that Share Ventures will concentrate on startups in the fields of future work and longevity.
He believes that the current AI boom and high interest rates have created an environment conducive for a more distinct venture capital model. As a result, Share Ventures plans to develop its own software and complex language models to streamline its internal operations.
Watt explained to Business Insider, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He emphasized that this approach allows them to build companies from the ground up while leveraging cutting-edge tools.
He acknowledged that many venture firms are investing in new technologies but are not fully utilizing them. “Using novel data and automation in our process is something we think is uniquely special to us,” Watt added.
His interest in health and longevity was sparked by the loss of his mother at the age of 25, who passed away at just 49. 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 setbacks experienced with MoviePass, which he recently recounted in the documentary “MoviePass, MovieCrash,” Watt remains driven to innovate. He poses the question, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”