Hamet Watt, the co-founder of MoviePass, is embarking on a new journey as he shifts focus from the company’s dramatic decline to launching a venture studio aimed at developing and funding startups.
Watt, who introduced MoviePass in 2011 to allow movie enthusiasts unlimited access to theaters for a monthly subscription, has been working diligently on his new venture, Share Ventures. The company has successfully raised nearly $20 million, attracting investments from prominent supporters including Alphabet and Amazon. Watt is concentrating on startups related to the future of work and longevity.
He believes that the current environment, marked by the AI surge and rising interest rates, creates opportunities for a unique venture capital approach. Share Ventures aims to develop its own software and leverage advanced language models to streamline its internal operations. Watt expressed that the need for less funding to identify promising opportunities earlier is beneficial for their strategy of building companies from the ground up using cutting-edge tools.
Watt noted that while many venture firms are investing in new technologies, they often fail to implement and utilize them effectively. He emphasized that incorporating innovative data and automation into their processes sets Share Ventures apart.
His personal experiences have also shaped his interest in health and longevity, especially after losing his mother at a young age. This loss prompted him to reflect on mortality and the importance of healthcare advancements.
Discussing his time at MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt indicated that past failures have only fueled his desire to innovate further. He is motivated by the lessons learned and is ready to take new risks in pursuit of success.