Hamet Watt, co-founder of the defunct MoviePass, is moving forward from the company’s notorious downfall and is now focused on launching a new venture studio aimed at supporting startups.
Watt, who founded MoviePass in 2011 with the innovative concept of offering unlimited access to theaters for a monthly fee, has been busy with Share Ventures. This new company has already garnered nearly $20 million in funding, with notable investors including Alphabet and Amazon. The focus of Share Ventures will be on startups that address future work and longevity.
Watt believes that the current landscape, marked by an AI boom and high-interest rates, is ideal for pioneering a “differentiated” venture capital model. Share Ventures is developing its own software and complex language models to streamline its internal processes. Watt emphasized that smaller investments now allow for earlier identification of promising opportunities. “For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively,” he stated.
He also remarked that while many venture firms are investing in new technologies, they often fail to adopt and implement these innovations in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s personal journey towards health and longevity was influenced by the loss of his mother when he was just 25 years old. This experience prompted him to contemplate his own mortality and inspired him to pursue this new venture.
Reflecting on his experience with MoviePass, which is discussed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate despite past failures. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he concluded.