Hamet Watt, a co-founder of MoviePass, is shifting focus from the company’s notable decline and is now raising money for a new venture studio aimed at developing and funding startups.
Watt, who launched MoviePass in 2011 with the innovative concept of allowing moviegoers to pay a monthly fee for unlimited theater access, has been actively working on Share Ventures. This new venture has successfully secured nearly $20 million in funding from notable backers, including Alphabet and Amazon. The focus of Share Ventures is on startups within the realms of future work and longevity.
Watt believes that the recent AI boom and prevailing high interest rates have created a favorable environment for venture capital that requires a “differentiated model.” Consequently, Share Ventures is developing its own software and utilizing sophisticated language models to streamline its internal operations. He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” highlighting the studio’s approach of building companies from the ground up using cutting-edge tools.
Watt noted that many venture firms are investing in new technologies but aren’t fully integrating these innovations into their processes. He emphasized, “Using novel data and automation in our process is something we think is uniquely special to us.”
Watt’s interest in health and longevity was sparked by the loss of his mother at the age of 25, who passed away at just 49. He reflected, “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.”
Addressing his experience with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt expressed that the setbacks only fueled his determination to continue innovating. He concluded, reflecting on his journey, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”