Hamet Watt, co-founder of MoviePass, is moving forward from the company’s notable downfall and is raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who introduced MoviePass in 2011, which allowed customers to enjoy unlimited theater access for a monthly fee, has now been concentrating on Share Ventures. This new company has already raised nearly $20 million with investors that include major players like Alphabet and Amazon. Watt indicated that Share Ventures will focus on startups related to the future of work and longevity.
He believes the current environment of booming artificial intelligence and elevated interest rates has created an opportune moment for venture capital that emphasizes a “differentiated” approach. As a result, Share Ventures plans to develop its own software and sophisticated language models to enhance its internal operations.
Watt explained, “You don’t need as large of funds, and you can get signals on opportunities 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 noted that many venture firms are investing in new technologies but are not fully integrating or utilizing them in their operations. He sees using advanced data and automation in their processes as a unique advantage for Share Ventures.
Watt’s personal experience with health and longevity was influenced by the early loss of his mother at the age of 25 when she was just 49. This experience prompted him to reflect on mortality, leading to his interest in this field.
Discussing his past with MoviePass, which he elaborated on in the documentary “MoviePass, MovieCrash,” Watt emphasized that his failures only fuel his desire to innovate. He asked himself, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”