Hamet Watt, co-founder of MoviePass, is moving forward after the company’s notable decline and is now raising funds for a new venture studio designed to support and finance startups.
Watt, who established MoviePass in 2011 with the concept of providing moviegoers unlimited access to theaters for a monthly fee, has been diligently working at his new initiative, Share Ventures. The company has successfully raised nearly $20 million in funding, with notable backing from Alphabet and Amazon. Watt stated that Share Ventures will focus on startups in the sectors of future work and longevity.
He believes that the current landscape, influenced by the rise of AI and high interest rates, presents an opportunity for a distinctive venture capital model. This approach includes developing proprietary software and advanced language models to enhance its operational efficiency. Watt emphasized that this strategy allows for earlier detection of opportunities with smaller investments.
Watt noted, “Many venture firms are investing in these new technologies, but they’re not really embodying and using them.” He highlighted the significance of integrating innovative data and automation into their processes, which he views as a unique advantage for his venture.
His personal interest in health and longevity stemmed from the loss of his mother at the age of 25, who passed away at just 49. This experience significantly shaped his perspective on mortality.
Reflecting on his journey, Watt stated that his experiences with MoviePass, which he explored in the documentary “MoviePass, MovieCrash,” have inspired him to continue pushing for innovation, despite past failures. He asked, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”