Hamet Watt, co-founder of MoviePass, is moving forward from the company’s notable decline and is now focused on raising capital for a new venture studio aimed at developing and funding startups.
Watt, who launched MoviePass in 2011 on the premise that movie enthusiasts should have access to theaters for a monthly subscription, shared with Business Insider that he is deeply engaged with Share Ventures.
The new venture has raised nearly $20 million, with financial backing from major companies such as Alphabet and Amazon. Watt explained that Share Ventures is concentrating on startups within the realms of future work and longevity.
He believes that the current AI surge and rising interest rates have created opportunities in venture capital that require a “differentiated model.” Accordingly, Share Ventures is developing its own software and sophisticated language models to streamline its internal operations, as reported by Business Insider.
Watt noted, “You don’t need as large of funds, and you can identify an opportunity much earlier with much less capital. That’s advantageous for us, as we’re building companies from scratch while employing advanced tools proactively.”
He remarked that many venture firms are investing in new technologies but are not fully utilizing them.
“Our approach, which incorporates innovative data and automation, is something we consider distinctively ours,” he said.
Watt’s interest in health and longevity was sparked by a personal tragedy—his mother passed away when he was just 25, which led him to think deeply about mortality.
“Experiencing the loss of my mother at a young age made me more conscious of my own mortality in a way I didn’t realize at the time,” he reflected.
Watt indicated that his experience with MoviePass, which he recently examined in the documentary “MoviePass, MovieCrash,” has only fueled his desire to continue innovating.
He concluded, “What have I learned, and what risks am I willing to take now—perhaps to fail, but also to succeed?”