Hamet Watt, co-founder of MoviePass, is moving forward from the company’s downfall and is now raising funds for a new venture studio aimed at supporting and funding startups.
Watt, who launched MoviePass in 2011 with the concept of providing movie enthusiasts unlimited theater access for a monthly fee, has been hard at work with his new initiative called Share Ventures. The venture has already secured nearly $20 million in funding, with investors that include tech giants Alphabet and Amazon. Watt revealed that the focus of Share Ventures will be on startups that concentrate on the future of work and longevity sectors.
He believes the current economic landscape, characterized by an AI boom and elevated interest rates, has created a favorable environment for a “differentiated model.” Share Ventures plans to develop its own software alongside complex language models to streamline its internal operations.
“You don’t need large funds to make a mark, and you can identify opportunities much sooner with less capital,” Watt noted. “This is beneficial for us as we aim to build companies from scratch, using the most advanced tools proactively.”
Watt observed that while many venture firms are investing in new technologies, they often do not integrate or utilize them in their own processes. “Incorporating novel data and automation into our approach is something we believe sets us apart,” he stated.
His interest in health and longevity was sparked by the loss of his mother at the age of 25, who passed away at just 49. “Experiencing that kind of loss at a young age makes you contemplate your own mortality in a way that’s hard to ignore,” he reflected.
Despite the failure of MoviePass, which he candidly discussed in the documentary “MoviePass, MovieCrash,” Watt remains determined to continue innovating. He expressed his motivation by asking, “What have I learned, and what am I willing to pursue now, even if it means risking failure again?”