Hamet Watt, one of the co-founders of MoviePass, is embarking on a new journey after the company’s notable downfall. He is currently raising funds for a new venture studio aimed at developing and financing startups.
Watt, who started MoviePass in 2011 with the innovative concept of offering moviegoers unlimited theater access for a monthly fee, shared with Business Insider that he is now deeply involved with Share Ventures.
The new company has attracted nearly $20 million in funding, with prominent backers including Alphabet and Amazon. Watt indicated that Share Ventures is concentrating on startups related to the future of work and longevity.
He believes that the current landscape, influenced by an AI boom and high interest rates, calls for a distinctive venture capital model. This belief led to Share Ventures creating its own software and sophisticated language models to enhance its internal operations.
Watt explained that the need for smaller funding amounts might allow for quicker assessments of opportunities. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” he stated. This approach is beneficial for developing new companies from the ground up, utilizing advanced tools proactively.
He noted that many venture firms are investing in new technologies, but often do not adopt and implement them effectively. “Using novel data and automation in our process is something we think is uniquely special to us,” he mentioned.
Watt’s interest in health and longevity was spurred by the early loss of his mother at the age of 25. She passed away at just 49 years old, which deeply impacted him. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
His past challenges with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” have only fueled his desire to innovate further. He asked himself what lessons he has learned and what risks he is willing to take in the future.