Hamet Watt, co-founder of MoviePass, is moving past the company’s dramatic downfall and is now focused on securing funding for a new venture studio aimed at developing and supporting startups. Watt, who launched MoviePass in 2011 with the concept of providing moviegoers unlimited access to theaters for a monthly fee, has been working on Share Ventures, which has raised nearly $20 million from investors, including Alphabet and Amazon.
The new venture is targeting startups in the areas of future work and longevity. Watt believes that the current environment, shaped by the AI boom and high interest rates, creates an opportunity for a differentiated venture capital model. According to him, Share Ventures is developing its own software and intricate language models to enhance internal operations.
Watt emphasized that the new approach allows for smaller investment amounts and earlier identification of promising 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,” he stated.
He noted that many venture firms are investing in new technologies without fully utilizing them in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he said.
Watt’s interest in health and longevity emerged after the early loss of his mother at the age of 49, which prompted him to reflect on mortality. “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,” he shared.
Despite the setback with MoviePass, which he explored in the documentary “MoviePass, MovieCrash,” Watt remains determined to innovate. He expressed his mindset of learning from failure and venturing into new opportunities, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”