Hamet Watt, co-founder of MoviePass, is moving forward from the company’s notorious downfall and is now focused on raising funds for a new venture studio aimed at supporting startups.
Watt, who started MoviePass in 2011 with the vision of offering moviegoers unlimited access to theaters for a monthly fee, has established Share Ventures, which has successfully secured nearly $20 million in funding from prominent backers including Alphabet and Amazon. He revealed in an interview that Share Ventures is concentrating on startups in the realms of future work and longevity.
He believes that the current landscape of venture capital is ideal for a “differentiated model” due to the AI boom and rising interest rates. As a result, Share Ventures is developing its own software and intricate language models to automate internal processes.
Watt noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He emphasized that this approach benefits their efforts to build companies from the ground up while utilizing cutting-edge tools.
He pointed out that many venture firms are investing in new technologies without truly integrating and applying them in their own operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s focus on health and longevity was influenced by the loss of his mother when he was just 25 years old, a tragedy that made him reflect on his own mortality.
Reflecting on his experience with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” he expressed his determination to keep innovating despite past failures. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”