Hamet Watt, co-founder of MoviePass, is transitioning from the company’s notable decline to raise funds for a new venture studio aimed at developing and financing startups. Watt, who launched MoviePass in 2011 with the concept of a monthly subscription for unlimited theater access, is now focusing his efforts on Share Ventures.
The newly formed company has already attracted nearly $20 million in funding, with notable investors including Alphabet and Amazon. Watt stated that Share Ventures will concentrate on startups within the future of work and longevity sectors.
He believes that the current landscape, characterized by an AI surge and elevated interest rates, presents a ripe opportunity for a “differentiated model.” Share Ventures is developing proprietary software and sophisticated language models to streamline its internal operations, allowing for earlier identification of investment opportunities with considerably less capital.
Watt remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. 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 noted that while many venture firms are pouring money into new technologies, they often do not fully incorporate or utilize these innovations. Watt emphasized that leveraging novel data and automation in their processes sets Share Ventures apart.
His interest in health and longevity was sparked at a young age when he lost his mother at 25, an event that profoundly impacted his awareness of mortality. “When you lose your mom at a young age, it forces you to think about your own mortality, in a way that I don’t know that I was conscious of at the time,” he said.
Despite the challenges faced by MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt remains determined to innovate. He expressed his readiness to embrace risks, saying, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”