Hamet Watt, co-founder of MoviePass, is moving beyond the company’s notorious downfall and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who established MoviePass in 2011 with the vision of providing unlimited access to movie theaters for a monthly fee, recently shared insights with Business Insider about his latest endeavor, Share Ventures. The new venture has successfully raised nearly $20 million with investors that include notable companies like Alphabet and Amazon. Watt mentioned that Share Ventures will concentrate on startups within the future of work and longevity sectors.
He believes the current boom in artificial intelligence and high interest rates have created an opportunity for a “differentiated model” in venture capital. To this end, Share Ventures is developing its own software and utilizing advanced language models to streamline its operations. Watt emphasized that smaller funds can yield significant insights and opportunities with less initial investment, allowing them to build companies from the ground up using cutting-edge tools.
Watt pointed out that while many venture firms are putting money into emerging technologies, they often fail to integrate these innovations into their own processes. He remarked on the uniqueness of Share Ventures’ approach, highlighting the importance of employing novel data and automation.
His personal experiences have also shaped his interests, particularly in health and longevity, sparked by the loss of his mother when he was just 25 years old. This profound loss prompted him to contemplate his own mortality.
Reflecting on his time with MoviePass, which he recently examined in the documentary “MoviePass, MovieCrash,” Watt expressed that the setbacks he faced have fueled his determination to innovate further. He is focused on learning from past experiences and is prepared to take risks as he ventures into new business opportunities.