Hamet Watt, co-founder of MoviePass, is moving on from the company’s tumultuous downfall and is in the process of raising capital for a new venture studio aimed at developing and funding startups.
Watt, who established MoviePass in 2011 with the innovative idea of offering moviegoers a subscription for unlimited access to cinemas, shared with Business Insider that he has been focused on his new initiative, Share Ventures.
The new venture has garnered nearly $20 million in funding from prominent investors, including Alphabet and Amazon. Watt indicated that Share Ventures will concentrate on startups that focus on the future of work and longevity.
He believes that the current climate, characterized by advancements in AI and high interest rates, presents an opportunity for a “differentiated model” in venture capital. This has led Share Ventures to develop its own software and complex language models to streamline internal operations, as reported by Business Insider.
“You don’t need as large of funds, and you can get signals on opportunities much earlier with much less capital,” he stated. “For us, that’s great because we’re building companies from scratch and utilizing the most advanced tools proactively.”
Watt noted that while many venture firms are investing in new technologies, few are effectively utilizing them in their processes.
“Leveraging novel data and automation is something we believe sets us apart,” he added.
His interest in health and longevity was sparked by a personal tragedy—losing his mother at the age of 25, when she was only 49.
“Losing my mom at a young age forced me to confront my own mortality in a way I hadn’t realized before,” he reflected.
Watt’s experience with the failure of MoviePass, which he explored in the documentary “MoviePass, MovieCrash,” has only fueled his desire to innovate further.
“What have I learned, and what am I brave enough to attempt now—whether it’s a failure or success?” he pondered.