Hamet Watt, the co-founder of MoviePass, is moving past the company’s notable downfall and is now raising funds for a new venture studio aimed at supporting and developing startups.
Watt, who launched MoviePass in 2011 with the innovative concept of allowing movie fans to pay a monthly fee for unlimited theater access, has recently been focusing his efforts at Share Ventures. The new venture has already attracted nearly $20 million in investments, with notable backers including Alphabet and Amazon. Share Ventures is particularly interested in startups that operate in the realms of future work and longevity.
Watt believes that the current landscape of venture capital, shaped by advancements in AI and elevated interest rates, is primed for a unique investment model. To this end, Share Ventures plans to create its own software and utilize sophisticated language models to streamline its internal operations.
He commented, “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.”
Watt emphasized that while many venture firms are investing in emerging technologies, they often don’t fully integrate or utilize these innovations within their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
His interest in health and longevity stems from a personal tragedy; Watt lost his mother at the young age of 25 when she was just 49. This loss has profoundly influenced his perspective on life and mortality.
Reflecting on his experience with MoviePass, which is chronicled in the documentary “MoviePass, MovieCrash,” Watt remains motivated to pursue new ventures despite past challenges. He expressed his resolve to embrace both the possibilities of success and the lessons that come from failure.