Hamet Watt, the co-founder of MoviePass, is moving forward after the company’s dramatic decline and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who co-founded MoviePass in 2011 with the concept of offering moviegoers a monthly subscription for unlimited theater access, shared with Business Insider that he is actively working on Share Ventures.
The newly established company has already attracted nearly $20 million in funding from investors that include tech giants Alphabet and Amazon. Watt indicated that Share Ventures will concentrate on startups within the realms of future work and longevity.
He believes that the current surge in artificial intelligence and high interest rates have created an opportunity in venture capital for a “differentiated model,” which is why Share Ventures plans to develop its own software alongside sophisticated language models to streamline its operations.
Watt explained, “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 beneficial for building companies from the ground up while utilizing advanced tools proactively.
He noted that while many venture firms are investing in new technologies, they often fail to implement and utilize them effectively.
He stated, “Using novel data and automation in our process is something we think is uniquely special to us.”
Watt’s interest in health and longevity is personal; he experienced the loss of his mother at the age of 25 when she was only 49. This tragedy prompted him to reflect on his own life and mortality, shaping his vision for his future endeavors.
In light of his past experiences with MoviePass, which he discusses in the documentary “MoviePass, MovieCrash,” Watt remains committed to innovation. He expressed his determination to learn from the past and to embrace new risks, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”