Hamet Watt, a co-founder of MoviePass, is moving past the company’s notorious collapse and is now focusing on raising funds for a new venture studio aimed at developing and financing startups.
In a recent conversation with Business Insider, Watt, who launched MoviePass in 2011 with the concept of providing moviegoers with unlimited theater access for a monthly fee, shared details about his new endeavor called Share Ventures. This company has secured nearly $20 million in funding from notable investors, including Alphabet and Amazon, and is targeting startups within the realms of future workplace solutions and longevity.
Watt noted that the current landscape of venture capital is favorable due to the rise of artificial intelligence and elevated interest rates, which has encouraged the formation of distinct models. Share Ventures aims to combine its own software initiatives with advanced language models to streamline internal operations.
He commented, “You don’t need as large of funds, and you can identify opportunities much earlier with significantly less capital.” This approach is advantageous for building new companies from the ground up while leveraging the latest technological advancements.
Watt also highlighted that many venture firms are investing in emerging technologies but fail to fully adopt and utilize them within their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
His personal experience with health and longevity stems from a tragic loss—Watt lost his mother at the age of 25, who passed away at just 49. This loss influenced his perspective on mortality and the importance of health.
Reflecting on his experience with the failure of MoviePass, which he recently elaborated on in the documentary “MoviePass, MovieCrash,” he expressed that such setbacks only fuel his desire to innovate. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he pondered.