Hamet Watt, co-founder of MoviePass, is moving forward from the company’s notable decline and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who established MoviePass in 2011 based on the concept of offering subscribers unlimited access to theaters for a monthly fee, shared his new endeavors with Business Insider. He has launched Share Ventures, which has already attracted nearly $20 million in investment support from major companies including Alphabet and Amazon. The new firm is centered on startups in the future of work and longevity sectors.
Watt expressed optimism that the current boom in artificial intelligence, combined with high interest rates, presents an opportunity for a distinctive venture capital model. Share Ventures aims to leverage its own software and advanced language models to enhance its internal operations, thereby reducing the need for large capital investments while enabling quicker evaluation of potential opportunities.
He noted that “you don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach greatly benefits Share Ventures as it seeks to build companies from the ground up, utilizing the most cutting-edge tools available.
Watt also highlighted that while many venture firms are investing in new technologies, they often don’t incorporate or utilize them effectively within their own processes. He emphasized the uniqueness of their strategy, which involves employing innovative data and automation.
His personal interest in health and longevity was sparked by the early loss of his mother at the age of 49 when Watt was just 25. This experience prompted him to reflect on his own mortality and the importance of health.
Watt’s past experiences, including the challenges faced by MoviePass, have fueled his desire to innovate. He shared, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”