Hamet Watt, co-founder of MoviePass, is moving on from the company’s significant collapse and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who pioneered the idea of providing unlimited theater access for a monthly fee through MoviePass in 2011, has been working diligently on his new endeavor, Share Ventures. The company has successfully secured nearly $20 million in funding from notable backers, including Alphabet and Amazon. The focus of Share Ventures is on startups within the realms of future work and longevity.
Watt believes that the current landscape, influenced by the AI boom and high interest rates, is conducive to a distinct venture capital model. To achieve this, Share Ventures is creating its own software along with complex language models to enhance automation in its operations.
He remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He views this as advantageous for their mission to build companies from the ground up while leveraging the latest tools.
Watt noted that although many venture firms are investing in new technologies, they often do not utilize these innovations effectively. He expressed pride in embedding novel data and automation into Share Ventures’ processes, which he considers a unique advantage.
The loss of his mother at a young age significantly influenced Watt’s interest in health and longevity, prompting deep reflections on mortality and life’s fragility. His experience with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” has only strengthened his resolve to pursue innovation despite past setbacks.
Watt concluded by emphasizing his desire to learn from failures and the courage to innovate: “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”