Hamet Watt, the co-founder of MoviePass, is moving on from the company’s well-publicized demise and is focused on raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011 with the concept of offering moviegoers a monthly subscription for unlimited theater access, has been busy with his new initiative, Share Ventures. The company has already attracted nearly $20 million in funding from notable investors including Alphabet and Amazon. Watt indicated that Share Ventures is targeting startups in the areas of future work and longevity.
He believes the current landscape of venture capital, influenced by the rise of artificial intelligence and elevated interest rates, is conducive to a “differentiated model.” As a result, Share Ventures plans to develop its own software and complex language models to enhance its internal operations.
Watt explained that smaller funds can more effectively identify opportunities early on, which aligns with their goal of building companies from scratch using cutting-edge tools. He remarked, “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 many venture firms are investing in emerging technologies, they often do not fully leverage or implement them in their operations. Watt emphasized that utilizing innovative data and automation is a distinctive aspect of what they aim to achieve.
His personal interest in health and longevity stems from the loss of his mother at the age of 25, which prompted him to contemplate his own mortality. This loss deeply impacted his perspective and inspired his focus on creating change in the longevity sector.
Reflecting on his experience with MoviePass, which he examined in the documentary “MoviePass, MovieCrash,” Watt conveyed that setbacks only fuel his desire to innovate. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”