Hamet Watt, co-founder of MoviePass, is moving forward from the company’s notable downfall and is now focused on attracting investment for a new venture studio aimed at developing and funding startups.
Watt, who launched MoviePass in 2011 with the concept of allowing movie enthusiasts to pay a monthly fee for unlimited theater access, has been diligently working on Share Ventures. This new enterprise has raised nearly $20 million, backed by investors such as Alphabet and Amazon. The venture targets startups in the fields of workplace innovation and longevity.
Watt believes that the current landscape of venture capital presents a unique opportunity, especially given the AI boom and higher interest rates. As a result, Share Ventures is developing its own software and sophisticated language models to streamline internal processes. “You don’t need large funds, and you can identify opportunities much earlier with significantly less capital,” he explained. “This is advantageous for us as we build companies from the ground up using the latest tools.”
He noted that while many venture firms are investing in emerging technologies, they often do not fully utilize them in their own operations. “Incorporating novel data and automation into our processes is something we consider to be our unique strength,” he added.
Watt’s interest in health and longevity was sparked by a personal loss; he was only 25 when his mother passed away at the age of 49. “Experiencing such a loss at a young age compels you to confront your own mortality in ways you might not fully understand at the time,” he remarked.
Reflecting on his experiences with MoviePass—which he discussed in the documentary “MoviePass, MovieCrash”—Watt insists that failure only fuels his desire to innovate. “I ask myself what I have learned and whether I have the courage to venture out and try again, even if it leads to failure,” he said.