Hamet Watt, co-founder of MoviePass, is moving past the company’s significant collapse and is now focused on raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011 with the innovative concept of offering a monthly subscription for unlimited movie theater access, disclosed to Business Insider that he is diligently working on Share Ventures. The new firm has successfully secured nearly $20 million in funding from notable backers including Alphabet and Amazon. Share Ventures intends to target startups in the areas of future work and longevity.
Watt believes that the current landscape of high interest rates and an AI boom has created an opportunity for differentiated venture capital models. Consequently, Share Ventures is also developing its own software alongside advanced language models to enhance its internal operations. He noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach is beneficial as they are building new companies while leveraging advanced tools.
Watt observed, “A lot of venture firms are investing in these new technologies, but they’re not really embodying and using them.” He emphasized that utilizing innovative data and automation in their processes is a distinctive advantage for Share Ventures.
His interest in health and longevity was sparked by a personal tragedy; he lost his mother at the age of 25, prompting him to consider mortality in a profound way.
Reflecting on his experiences with MoviePass, which he opened up about in the documentary “MoviePass, MovieCrash,” Watt expressed that the challenges faced only fuel his desire to continue innovating. He said, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”