Hamet Watt, a co-founder of MoviePass, is moving on from the company’s notable downfall and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who introduced MoviePass in 2011 with the concept of unlimited theater access for a monthly fee, told Business Insider that he has been diligently working at Share Ventures. The new company has already secured nearly $20 million in funding, with prominent backers such as Alphabet and Amazon. Share Ventures aims to concentrate on startups in the fields of future work and longevity.
According to Watt, the current AI boom and high interest rates create a favorable environment for a “differentiated model” in venture capital. This has led Share Ventures to develop its software and complex language models to streamline its operations. He mentioned, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach allows them to build companies from the ground up while utilizing advanced tools proactively.
Watt noted that many venture firms are investing in new technologies but are not effectively integrating or utilizing them. He believes that employing novel data and automation distinguishes Share Ventures from others in the industry.
His interest in health and longevity was sparked by a personal tragedy; he lost his mother at the age of 25 when she was just 49. He expressed that such an experience prompts a reflective consideration of one’s own mortality.
Watt’s past with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” has only fueled his desire to innovate further. He remarked on the lessons learned from failure and his willingness to attempt new ventures, open to both the possibilities of success and the inevitability of failure.