Hamet Watt, co-founder of MoviePass, is moving forward from the company’s notable downfall 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 innovative concept of offering moviegoers unlimited theater access for a monthly fee, shared with Business Insider that he is diligently working on Share Ventures. This new company has already attracted nearly $20 million in funding from notable investors, including Alphabet and Amazon. Share Ventures plans to concentrate on startups in the fields of future work and longevity.
According to Watt, the current climate of AI advancement and high interest rates has created an opportunity for a distinct venture capital model. As a result, Share Ventures is developing its own software alongside advanced language models to streamline its operations. He noted that smaller funds can yield early signals on investment opportunities, which is advantageous for building companies from the ground up with the best tools available.
Watt remarked that although many venture firms are investing in new technologies, they often do not utilize or embody these innovations effectively. He emphasized that leveraging unique data and automation in their processes is a key differentiator for Share Ventures.
His interest in health and longevity stems from a personal loss; he lost his mother at the age of 25, prompting him to reflect on 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 explained.
Watt’s experiences with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” have only fueled his desire to continue innovating. He expressed a willingness to embrace the risks of potential failure in pursuit of new successes.