Hamet Watt, the co-founder of MoviePass, is moving beyond the company’s notable decline and is currently raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the concept of offering moviegoers unlimited theater access for a monthly fee, shared with Business Insider that he is focused on his new venture, Share Ventures.
The new company has already garnered nearly $20 million in funding from investors including Alphabet and Amazon. Watt indicated that Share Ventures will concentrate on startups in the realms of future work and longevity.
He believes the current landscape of venture capital is suited for a “differentiated model,” particularly due to the AI boom and rising interest rates. As a result, Share Ventures is not only planning to create its own software but also to integrate complex language models to optimize its internal operations.
Watt explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” highlighting the advantages of building companies from the ground up while utilizing advanced tools.
He also noted that while many venture firms are investing in emerging technologies, they are not fully integrating or utilizing them in their processes. Watt believes that leveraging innovative data and automation is a key aspect that sets Share Ventures apart.
Watt’s interest in health and longevity was sparked by a personal tragedy; he lost his mother at the age of 25 when she was just 49 years old. “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 reflected.
Despite the setbacks from MoviePass, which he recently examined in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate. He expressed a desire to learn from past experiences and to venture into new projects with the understanding that success may come with the risk of failure.