Hamet Watt, co-founder of MoviePass, is moving forward from the company’s infamous downfall and is now focused on raising funds for a new venture studio intended to support the development and financing of startups.
Watt, who launched MoviePass in 2011 with the innovative concept of allowing moviegoers to pay a monthly fee for unlimited theater access, has been diligently working on Share Ventures. This new venture has garnered nearly $20 million in funding from prominent backers including Alphabet and Amazon. Watt has stated that the company will concentrate on startups related to the future of work and longevity.
He believes that the current surge in artificial intelligence and high interest rates has created a favorable environment for venture capital, making it advantageous to adopt a “differentiated model.” Share Ventures plans to develop its own software in conjunction with complex language models to streamline internal processes.
Watt explained that smaller funds are often more effective in identifying opportunities early on with less capital, an approach that aligns well with their strategy of building companies from the ground up using advanced tools.
While acknowledging that many venture firms are investing in new technologies, he emphasized that few are fully integrating and utilizing them in their operations.
Watt’s personal experiences have significantly shaped his interests, particularly in health and longevity, following the loss of his mother at a young age. This profound loss prompted him to contemplate his own mortality.
Reflecting on his experience with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt expressed that the setbacks only fueled his desire to innovate further. He underscored the importance of learning from failures while maintaining the courage to pursue new ventures.