Hamet Watt, co-founder of MoviePass, is moving on from the company’s dramatic downfall and is now focused on raising funds for a new venture studio aimed at supporting the development and funding of startups.
Watt, who initially introduced MoviePass in 2011 to allow customers to pay a monthly fee for unlimited access to movies, has been actively working on Share Ventures. According to Business Insider, the new company has successfully secured nearly $20 million in funding from notable backers including Alphabet and Amazon. Share Ventures is concentrating on startups that cater to the future of work and longevity sectors.
He believes the current landscape of venture capital is primed for a “differentiated model” due to the surge in artificial intelligence and rising interest rates. This has led Share Ventures to create its own software and complex language models to streamline its internal operations. Watt emphasized that smaller funding requirements allow for earlier signals on opportunities with less capital, making it advantageous for building companies from the ground up while utilizing advanced tools.
Watt noted that while many venture firms are investing in emerging technologies, they often fail to fully integrate and utilize them in their processes. He stated, “Using novel data and automation in our process is something we think is uniquely special to us.”
His personal interest in health and longevity was sparked by the loss of his mother at a young age, which made him reflect on mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he explained.
Despite the setbacks he faced with MoviePass, which he recently recounted in the documentary “MoviePass, MovieCrash,” Watt is driven to continue innovating. He expressed his determination to learn from past experiences and embrace the possibilities of success and failure in his future endeavors.