Hamet Watt, co-founder of MoviePass, is transitioning from the company’s dramatic downfall and is now focused on raising funds for a new venture studio aimed at developing and investing in startups.
Watt, who launched MoviePass in 2011 with the groundbreaking idea of providing unlimited access to theaters for a monthly fee, has shared with Business Insider that he is actively working on a new initiative called Share Ventures.
This new venture has managed to secure nearly $20 million in funding from notable backers, including Alphabet and Amazon. Watt emphasizes that Share Ventures aims to target startups in the realms of future work and longevity.
He believes that the current landscape, marked by the AI boom and rising interest rates, presents an opportunity for a “differentiated model” in venture capital. To capitalize on this, Share Ventures is developing its own software and complex language models to enhance internal operations.
Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He finds this advantageous as they aim to create companies from the ground up using cutting-edge tools.
He also pointed out that while many venture firms are investing in new technologies, they often do not integrate and utilize them in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s personal experience with health and longevity stems from losing his mother at the young age of 25, prompting him to contemplate mortality more deeply. “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 faced with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt remains determined to pursue innovation. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he posed.