Hamet Watt, the co-founder of MoviePass, is moving on from the company’s tumultuous history and is now focused on raising funds for a new venture studio designed to support the development of startups.
Watt, who launched MoviePass in 2011 with the innovative concept of allowing moviegoers unlimited theater access for a monthly fee, has been actively working with his new company, Share Ventures. The firm has already secured nearly $20 million in funding from prominent backers including Alphabet and Amazon. Share Ventures aims to concentrate on startups within the realms of future work and longevity.
Watt believes that the current landscape of venture capital is conducive to a unique approach, spurred by the growth of artificial intelligence and high interest rates. Consequently, Share Ventures is developing its own software in conjunction with advanced language models to streamline its internal operations.
He noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This allows Share Ventures to build companies from the ground up while utilizing the latest tools in an efficient manner.
While many venture firms are investing in new technologies, Watt argues that most do not fully integrate these innovations into their processes. He emphasizes that employing novel data and automation sets Share Ventures apart from its competitors.
Watt’s passion for health and longevity was sparked by the early loss of his mother at the age of 25, when she was just 49. This personal experience profoundly impacted his perspective on life and mortality.
Reflecting on his experience with MoviePass, which he detailed in the documentary “MoviePass, MovieCrash,” he expressed that despite the setbacks, he is driven to pursue new innovations. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he stated.