The co-founder of MoviePass is embarking on a new journey after the company’s notable collapse, working to raise funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who co-founded MoviePass in 2011 with the vision of offering moviegoers a subscription model for unlimited theater access, has been actively engaged with Share Ventures. This new company has garnered nearly $20 million in funding from significant investors, including Alphabet and Amazon. Watt indicated that Share Ventures will concentrate on startups in the fields of the future of work and longevity.
He believes that the current landscape of venture capital, influenced by the rise of AI and elevated interest rates, creates an environment ripe for a distinct approach. Share Ventures is set to create its own software and complex language models to streamline internal operations. Watt explained, “You don’t need as large of funds, and you can get signals on an opportunity much earlier with much less capital. For us, that’s a great thing because we’re building companies from scratch using the most advanced tools.”
Watt noted that while many venture firms are investing in new technologies, they often do not leverage or incorporate these innovations into their processes. He emphasized, “Using novel data and automation in our process is something we think is uniquely special to us.”
His interest in health and longevity was sparked by the early loss of his mother at the age of 25, who passed away at just 49. This experience, he shared, led him to reflect deeply on mortality.
Watt has taken his experience with the failure of MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” as motivation to continue innovating. He remarked, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”