Hamet Watt, co-founder of MoviePass, has turned the page on the company’s dramatic collapse and is seeking funding for a new venture studio aimed at developing and supporting startups.
Watt, who initially launched MoviePass in 2011 with the revolutionary concept of offering unlimited access to movies for a monthly fee, has been actively involved in Share Ventures, which has raised nearly $20 million with investors including Alphabet and Amazon. This new initiative is concentrating on startups related to the future of work and health longevity.
Watt believes that the current landscape of high interest rates and the AI surge has created an opportunity for a unique venture capital model. Share Ventures plans to create its own software and advanced language models to streamline internal operations, allowing for more efficient capital use. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” he explained, emphasizing that this approach is beneficial as they build companies from the ground up.
He also noted that while many venture firms are investing in innovative technologies, they often fail to fully integrate and utilize them in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” Watt added.
Watt’s personal journey has greatly influenced his focus on health and longevity, motivated by the loss of his mother at the young age of 49. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
Despite the challenges faced with MoviePass, which he explored in the documentary “MoviePass, MovieCrash,” Watt remains dedicated to innovation. He contemplates, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”