Hamet Watt, the co-founder of MoviePass, is moving on from the company’s dramatic fall and is now focused on raising capital for a new venture studio aimed at developing and funding startups.
Watt, who launched MoviePass in 2011 with the concept of offering moviegoers unlimited theater access for a monthly fee, has been working diligently on Share Ventures. The new venture has already attracted nearly $20 million in funding, with notable investors like Alphabet and Amazon on board. Watt indicated that Share Ventures will concentrate on startups involved in the future of work and longevity sectors.
Watt believes that the current AI boom and elevated interest rates present opportunities for a unique approach in venture capital, which is the impetus for Share Ventures to create its own software and advanced language models to streamline 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. For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively.”
He also pointed out that while many venture firms are investing in new technologies, they are often not effectively utilizing them. Watt emphasized that the incorporation of innovative data and automation sets Share Ventures apart from other firms.
His passion for health and longevity was sparked by personal tragedy, as he lost his mother at the age of 25 when she was only 49. “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,” he reflected.
Despite the struggles faced by MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains driven to continue innovating. He remarked on his willingness to embrace both success and failure as he ventures forth.