Hamet Watt, co-founder of MoviePass, is moving forward from the company’s dramatic downfall and is now focused on raising capital for a new venture studio aimed at supporting startups.
Watt, who launched MoviePass in 2011 with the concept of allowing moviegoers to pay a monthly subscription for unlimited theater access, has been diligently working on Share Ventures, which has raised nearly $20 million in funding from investors including Alphabet and Amazon. This new venture is concentrating on startups within the realms of future work and longevity.
He believes that the ongoing AI boom and elevated interest rates have created an environment ripe for a “differentiated model” in venture capital, prompting Share Ventures to develop its own software in conjunction with sophisticated language models to streamline its internal processes. Watt remarked that smaller funds can lead to earlier insights on investment opportunities, which is beneficial for their goal of building new companies from the ground up with advanced tools.
Watt noticed that while many venture firms are investing in innovative technologies, few are actively utilizing them in their investment processes. He emphasized the unique approach of integrating novel data and automation into their work.
His interest in health and longevity initiatives was sparked by the early loss of his mother when he was 25 years old. This experience has influenced his perspective on mortality and inspired him to pursue meaningful projects in this area.
Reflecting on the failure of MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt expressed a strong desire to innovate and take risks. 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?”