Hamet Watt, the co-founder of MoviePass, is moving forward from the company’s notable downfall and is now focused on raising funds for a new venture studio aimed at supporting and financing startups.
Watt, who launched MoviePass in 2011 with the innovative concept of offering moviegoers unlimited access to theaters for a monthly fee, is now working with Share Ventures. According to Business Insider, the new venture has already secured nearly $20 million in funding from investors, including major backers such as Alphabet and Amazon. Share Ventures is set to concentrate on startups within the sectors of future work and longevity.
Watt believes that the current climate of artificial intelligence advancements and high interest rates presents a unique opportunity for venture capital. He noted that there’s a need for a “differentiated model,” which is why Share Ventures plans to develop its own software alongside sophisticated language models to enhance automation in its operations.
He explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” highlighting the advantages of building startups from the ground up using cutting-edge tools.
Watt also commented on the approach of traditional venture firms, stating, “A lot of venture firms are investing in these new technologies, but they’re not really embodying and using them.” He emphasized the significance of incorporating innovative data and automation in their processes, which he believes is a distinctive approach for Share Ventures.
Watt’s interest in health and longevity stemmed from personal loss; he lost his mother at the age of 25 when she was only 49. This experience made him acutely aware of his own mortality and its implications.
Reflecting on his experiences with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt expressed that the failure only drove him to continue to innovate. 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?”