Hamet Watt, co-founder of MoviePass, is moving on from the company’s notable downfall and is now raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the concept of unlimited access to theaters for a monthly fee, has been focused on Share Ventures, which has already secured nearly $20 million in funding. Notable investors include Alphabet and Amazon. The new venture is concentrating on startups in the future of work and longevity sectors.
Watt believes that the recent surge in AI advancements, coupled with high interest rates, has created an opportunity for differentiated models in venture capital. Share Ventures plans to develop its own software alongside advanced language models to enhance its internal operations.
He noted that smaller funds can provide quicker insights into opportunities, which is beneficial for building companies from the ground up using the latest technology. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt shared.
Watt pointed out that many venture firms are investing in new technologies but are not fully utilizing them. He emphasized, “Using novel data and automation in our process is something we think is uniquely special to us.”
His interest in health and longevity was sparked by the loss of his mother at a young age, which prompted him to reconsider his own mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he remarked.
Watt’s experiences with MoviePass, which he reflected on in the documentary “MoviePass, MovieCrash,” have only fueled his determination to innovate. He expressed a desire to learn from his past and continue pursuing new ventures, regardless of the risk of failure. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he concluded.