Hamet Watt, co-founder of MoviePass, is moving away from the company’s infamous downfall and is raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the concept of unlimited theater access for a monthly fee, has recently shared that he is actively engaged with Share Ventures. The new firm has attracted nearly $20 million in funding from notable investors, including Alphabet and Amazon. Watt indicated that the focus areas for this venture include the future of work as well as longevity.
He believes that the current climate, influenced by the surge in artificial intelligence and rising interest rates, has created a favorable environment for a new and unique model in venture capital. Share Ventures plans to develop its own software and integrate complex language models to streamline its operations.
“You don’t need as large of funds, and you can identify opportunities much earlier with less capital,” Watt explained. “For us, that’s advantageous since we are building companies from scratch while leveraging the latest tools.”
Watt noted that many venture firms are investing in emerging technologies, but few are fully utilizing them in their operations. He emphasized that the use of innovative data and automation distinguishes Share Ventures from its competitors.
His interest in health and longevity was sparked by the loss of his mother at a young age, a personal experience that has deeply influenced his perspective on mortality.
Watt reflected on his time with MoviePass, which he analyzed in the documentary “MoviePass, MovieCrash,” expressing that the setbacks he faced have only fueled his determination to innovate further. He remains committed to learning from his experiences and is eager to embark on new ventures, whether they lead to success or failure.