Hamet Watt, co-founder of MoviePass, is moving forward from the company’s dramatic downfall and is now focused on launching a new venture studio aimed at developing and funding startups.
Watt, who co-created MoviePass in 2011 by offering moviegoers a subscription model for unlimited theater access, is now leading Share Ventures. In an interview, he revealed that Share Ventures has successfully secured nearly $20 million in funding with notable backers including Alphabet and Amazon. The firm is concentrating on startups positioned in the future of work and longevity sectors.
Watt believes the current landscape, influenced by the artificial intelligence boom and elevated interest rates, presents an opportunity for a unique venture capital model. He explained that Share Ventures is developing its own software and complex language models to enhance internal operations, allowing for quicker identification of investment opportunities with less capital.
“You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” he said. “For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively.”
Watt observed that while many venture firms are investing in emerging technologies, they often fail to fully implement these innovations in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
His personal journey into health and longevity was catalyzed by the early loss of his mother at the age of 25, which prompted him to reflect on his own mortality. “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 remarked.
Watt sees the lessons learned from the collapse of MoviePass, which he recently detailed in the documentary “MoviePass, MovieCrash,” as motivation to continue innovating. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he concluded.