Hamet Watt, co-founder of MoviePass, is moving forward from the company’s dramatic decline and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the innovative concept of allowing moviegoers unlimited theater access for a monthly fee, shared with Business Insider that he has been actively working at Share Ventures. The new venture has already secured nearly $20 million in funding, with support from major investors including Alphabet and Amazon. Share Ventures is particularly concentrating on startups in the domains of future work and longevity.
According to Watt, the current boom in artificial intelligence and high interest rates have created a favorable environment for venture capital that requires a “differentiated” model. This has led Share Ventures to develop its own software in conjunction with complex language models to enhance its operations.
“You don’t need as large of funds, and you can get a signal on an opportunity much earlier with much less capital,” Watt explained. “For us, that’s beneficial as we are building companies from scratch, utilizing the most advanced tools proactively.”
He highlighted that while many venture firms are investing in new technologies, they often fail to fully implement and utilize them in their operations.
“Leveraging novel data and automation in our process is something we believe is uniquely ours,” he stated.
Watt has a personal connection to the health and longevity field, having lost his mother at the age of 25 when she was just 49. This loss has profoundly influenced his perspective on mortality.
“Experiencing the loss of my mom at a young age compels you to confront your own mortality in a way you might not otherwise consider,” he reflected.
Despite facing challenges with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate.
“What have I learned, and what do I have the courage to pursue now — even if it results in failure, or perhaps success?”