Hamet Watt, co-founder of MoviePass, is moving on from the company’s dramatic collapse and is now raising funds for a new venture studio aimed at developing and financing startups. Watt, who launched MoviePass in 2011 with the vision of offering moviegoers unlimited theater access for a monthly fee, has transitioned his focus to Share Ventures.
The new venture has already raised nearly $20 million in funding, with investments from major backers including Alphabet and Amazon. Share Ventures will concentrate on startups revolving around the future of work and longevity. Watt believes that the current landscape of venture capital, influenced by the AI boom and elevated interest rates, demands a unique approach, which is why his company plans to develop its own software and complex language models to enhance its operations.
Watt emphasized that his model allows for less capital to be used while still enabling quicker opportunities to be identified. He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He sees this as a beneficial strategy for building new companies utilizing advanced tools proactively.
In his view, while many venture firms are investing in new technologies, they often fail to effectively integrate them into their processes. He highlighted that Share Ventures aims to stand out by utilizing innovative data and automation to enhance decision-making.
Watt’s personal experiences have also shaped his interests, particularly in health and longevity, after losing his mother at a young age. He reflected on the impact of that loss, stating, “When you lose your mom at a young age, it forces you to think about your own mortality.”
Despite the setbacks experienced with MoviePass, which he explored in the documentary “MoviePass, MovieCrash,” Watt remains determined to innovate. He expressed a forward-looking mindset, asking himself, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”