Hamet Watt, co-founder of MoviePass, is shifting his focus away from the company’s downfall and is now working to raise funds for a new venture studio aimed at nurturing and financing startups.
Watt, who launched MoviePass in 2011 with the concept of providing subscribers unlimited access to movie theaters for a monthly fee, has formed a new company called Share Ventures, which has already attracted nearly $20 million in funding from investors including Alphabet and Amazon. The firm is dedicated to exploring opportunities in the future of work and longevity sectors.
He emphasizes that the current environment of artificial intelligence advancements and elevated interest rates presents an opportunity for a distinct venture capital model. This has prompted Share Ventures to develop its own software and sophisticated language models to streamline its internal operations.
Watt explained that smaller funding requirements allow for quicker assessments of investment opportunities without needing significant capital. He believes this approach is advantageous as they aim to build companies from the ground up while utilizing cutting-edge technology.
He noted that while many venture firms are investing in innovative technologies, few are actually implementing them in their operations. Watt believes that using unique data and automation in their processes gives Share Ventures a competitive edge.
Watt’s interest in health and longevity is deeply personal; he lost his mother at the age of 25, which profoundly influenced his perspective on life and mortality.
He reflected on his experience with MoviePass, which he detailed in the documentary “MoviePass, MovieCrash,” explaining that the setbacks only fuel his desire to innovate further. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”