Hamet Watt, co-founder of MoviePass, is moving on from the company’s notable downfall and is now focusing on raising funds for a new venture studio aimed at helping develop and finance startups.
Watt, who co-founded MoviePass in 2011 with the innovative idea of offering moviegoers a subscription model for unlimited theater access, recently shared details with Business Insider about his latest undertaking, Share Ventures. This new venture has successfully secured nearly $20 million in funding, with major backers including Alphabet and Amazon, and is targeting startups in the areas of future work and longevity.
He believes that the growth of artificial intelligence and high interest rates present an opportunity for a differentiated venture model. Share Ventures is committed to creating its own software alongside complex language models to streamline its operations. Watt 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 allows the firm to build companies from the ground up while leveraging advanced tools.
Watt also expressed his observation that many venture firms are putting their money into new technologies without fully integrating them into their own processes. He highlighted that his firm’s unique strategy involves utilizing novel data and automation in their approach.
His personal journey into the fields of health and longevity was influenced by the early loss of his mother when he was just 25 years old. This experience prompted him to reflect on his own mortality and has shaped his aspirations in this area.
Reflecting on his experiences with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt stated that the setbacks he faced have only fueled his desire to innovate further. He is now motivated by the questions, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”