Hamet Watt, the co-founder of MoviePass, is embarking on a new journey after the company’s dramatic downfall. He is now focused on raising funds for Share Ventures, a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the innovative concept of allowing moviegoers to pay a monthly fee for unlimited theater access, has reported significant progress with his new startup. Share Ventures has already secured nearly $20 million in funding, with notable investors including Alphabet and Amazon. The firm will concentrate on startups in the areas of future work and longevity.
According to Watt, the current landscape of venture capital, influenced by the rise of artificial intelligence and elevated interest rates, presents an opportunity for a “differentiated model.” He mentioned that Share Ventures plans to develop its own software alongside advanced language models to streamline internal operations.
“You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt explained. “For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively.”
Watt pointed out that many venture firms are investing in new technologies without truly utilizing them. He emphasized the importance of incorporating new data and automation into their processes, which he believes sets Share Ventures apart.
His interest in health and longevity was sparked by a personal tragedy: the loss of his mother at the age of 25, when she was just 49. This experience prompted a deeper contemplation of mortality and its implications.
After reflecting on his experiences with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt asserted that his past failures have only fueled his desire to continue innovating. He is motivated to explore new ventures, understanding that while failure is a possibility, success is also within reach.