Hamet Watt, co-founder of the now-defunct MoviePass, is moving forward from the company’s notable collapse and is actively raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the innovative concept of offering moviegoers unlimited theater access for a monthly fee, has shared that he is focused on his new venture, Share Ventures. The firm has successfully attracted nearly $20 million in funding from notable backers, including Alphabet and Amazon. Watt stated that Share Ventures will concentrate on startups within the realms of future work and longevity.
He believes that the current landscape, influenced by the rise of artificial intelligence and high interest rates, presents an opportunity for a “differentiated” approach in venture capital. This is why Share Ventures is developing its own software and sophisticated language models to streamline its operations, as reported by Business Insider.
“You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt explained. “For us, that’s beneficial because we’re building companies from scratch using the most advanced tools.”
Watt noted that many venture firms are investing in new technologies but fail to fully integrate and utilize them in their own operations. He emphasized that employing innovative data and automation in their processes sets Share Ventures apart.
His interest in health and longevity was spurred by the loss of his mother at the age of 25, who passed away at just 49. This personal experience has profoundly shaped his perspective on mortality.
“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 his setbacks with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt remains undeterred. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he said.