Hamet Watt, the co-founder of MoviePass, is shifting his focus from the company’s notable downfall to launching a new venture studio aimed at developing and funding startups. Watt, who started MoviePass in 2011 with the innovative concept of offering moviegoers unlimited access to theaters for a monthly fee, has been actively working on Share Ventures.
The new venture has already attracted nearly $20 million in funding from notable backers such as Alphabet and Amazon. Watt explained that Share Ventures will concentrate on startups related to the future of work and longevity.
Watt believes that the current environment, influenced by the AI surge and high interest rates, creates an opportunity for a unique approach in venture capital. He emphasized that Share Ventures is developing its own software and complex 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.”
He pointed out that while numerous venture firms are investing in emerging technologies, few are truly integrating and utilizing these innovations in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he noted.
Watt’s interest in health and longevity was sparked by the loss of his mother at the young age of 25, which profoundly impacted his perspective on life. He remarked, “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.”
Despite the challenges faced by MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to pursue innovation. He reflected on the lessons learned and expressed a willingness to take risks in his new endeavors, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”