Hamet Watt, a co-founder of MoviePass, is moving forward from the company’s dramatic decline and is now focused on raising capital for a new venture studio aimed at developing and funding startups.
Watt, who launched MoviePass in 2011 with the vision of providing moviegoers unlimited theater access for a monthly fee, revealed to Business Insider that he has been diligently working on Share Ventures. This new initiative has already attracted nearly $20 million in funding, with significant backing from companies like Alphabet and Amazon. Share Ventures will concentrate on startups in future work and longevity sectors.
He believes the current AI surge and elevated interest rates have created an opportunity for a “differentiated model” in venture capital. This belief has prompted Share Ventures to cultivate its own software and intricate language models to streamline its internal operations.
Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He emphasized that this ability is beneficial as they build companies from the ground up while leveraging advanced tools.
He also pointed out that while many venture firms are investing in emerging technologies, they are not necessarily implementing them effectively. “Using novel data and automation in our process is something we think is uniquely special to us,” he noted.
Watt’s interest in health and longevity was sparked by the loss of his mother when he was just 25; she passed away at the age of 49. The experience made him acutely aware of his own mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he explained.
Reflecting on his experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt insists that the setbacks have fueled his drive to innovate further. He questions what lessons he has learned and expresses a willingness to take risks in pursuit of success.