Hamet Watt, co-founder of MoviePass, is moving past the company’s downfall and is now focused on raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011 with the concept of offering moviegoers an unlimited viewing experience for a monthly subscription, has told Business Insider about his new efforts at Share Ventures. The company has already garnered nearly $20 million in funding from investors, including major players like Alphabet and Amazon. Watt’s new venture aims to target startups within the fields of future work and longevity.
He believes that the current climate of artificial intelligence advancements and elevated interest rates has created a conducive environment for venture capital investment models that are innovative. To this end, Share Ventures plans to develop its own software and sophisticated language models to streamline its operations.
Watt emphasized that smaller funds are now more effective, allowing for earlier detection of promising opportunities with less capital investment. This new approach will facilitate the creation of startups from the ground up while utilizing cutting-edge technologies.
He noted that many venture firms are backing these new technologies but often fail to implement them in their own processes. Watt expressed that utilizing advanced data and automation is a distinctive advantage of his firm.
His interest in health and longevity was sparked by personal tragedy—losing his mother at a young age. This experience led him to contemplate mortality in a profound way.
Reflecting on his time with MoviePass, which he explored in the documentary “MoviePass, MovieCrash,” Watt feels driven to continuously innovate. He is motivated by the lessons learned from past failures, embracing the potential for both success and further setbacks as he advances his new endeavors.