The co-founder of MoviePass, Hamet Watt, is moving past the company’s dramatic downfall and is now focused on raising capital for a new venture studio aimed at developing and funding startups.
Watt, who initiated MoviePass in 2011, championed the revolutionary idea of offering moviegoers unlimited access to cinemas through a monthly subscription. He recently shared his new project, Share Ventures, with Business Insider, highlighting that the venture has already attracted nearly $20 million in funding from significant backers such as Alphabet and Amazon. The focus of Share Ventures is on startups involved in the future of work and longevity.
Watt believes that the current landscape of venture capital, influenced by the surge in artificial intelligence and elevated interest rates, presents an opportunity for a “differentiated model.” Share Ventures is not just funding startups but is also developing its own software and complex language models to enhance its operations.
He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” emphasizing the benefits of building companies from the ground up using advanced technology.
Watt observed a trend among many venture firms that invest in emerging technologies but do not actively utilize them in their processes. He believes that leveraging innovative data and automation sets Share Ventures apart from others in the industry.
His personal journey towards the health and longevity sector was sparked by the loss of his mother at a young age, an event that profoundly impacted his view on mortality.
Reflecting on his experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt expressed his resolve to continue innovating. He articulated his desire to explore what he has learned and be courageous enough to attempt new ventures, understanding the potential for both success and failure.