Hamet Watt, co-founder of MoviePass, is moving past the company’s well-documented downfall and is now focused on securing funding for a new venture studio aimed at supporting startups. Watt, who launched MoviePass in 2011 with the concept of a subscription service for unlimited movie theater access, is now working on a project called Share Ventures.
The new venture has attracted nearly $20 million in funding from notable investors, including Alphabet and Amazon. Watt is directing Share Ventures towards startups in the realms of future work and health longevity.
He believes the current environment of AI advancements and high interest rates has created an opportunity for a distinct approach to venture capital. Share Ventures intends to develop its own software and utilize complex language models to enhance its operations. Watt stated that with this model, smaller amounts of capital can yield valuable insights on potential opportunities much earlier in the process.
Watt pointed out that many venture firms are investing in emerging technologies but are not fully integrating or utilizing them within their own operations. He emphasized that leveraging innovative data and automation in their processes is a key differentiator for Share Ventures.
His interest in health and longevity stemmed from a personal loss, as he lost his mother at a young age. Reflecting on this loss, he acknowledged it forced him to confront his own mortality, shaping his focus on health-related ventures.
Despite the failure of MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt remains driven to innovate. He is motivated by the lessons learned from the past and is eager to explore new opportunities, embracing the possibility of both failure and success.