Hamet Watt, the co-founder of MoviePass, is embarking on a new journey after the company’s dramatic downfall. He is in the process of raising funds for a venture studio named Share Ventures, which aims to develop and finance startups.
Watt, who initially launched MoviePass in 2011 with a model that allowed moviegoers unlimited theater access for a monthly fee, revealed to Business Insider that Share Ventures has already secured nearly $20 million in investments from prominent backers like Alphabet and Amazon. The new venture will concentrate on startups specifically in the areas of future work and longevity.
He believes that the current environment, marked by an AI boom and elevated interest rates, has created opportunities for a “differentiated model” in venture capital. Watt indicated that Share Ventures will not only fund startups but will also be developing its own software and complex language models to enhance its internal operations. He mentioned that reduced capital requirements can lead to faster insights on potential opportunities, which is beneficial for building companies from the ground up.
Watt highlighted a gap in how many venture firms are investing in new technologies but not effectively implementing them within their operations. He stated that the incorporation of novel data and automation into their processes sets Share Ventures apart.
His commitment to health and longevity is deeply personal, stemming from the loss of his mother at the age of 25, just before her 50th birthday. This experience has profoundly influenced his perspective on mortality.
Reflecting on his time with MoviePass, which he spoke about in the documentary “MoviePass, MovieCrash,” Watt expressed that the lessons learned from his previous venture have fueled his determination to continue innovating. He emphasized the importance of having the courage to explore new ideas, even in the face of potential failure.