Hamet Watt, a co-founder of MoviePass, is embarking on a new journey after the company’s notable decline, as he seeks to establish a venture studio dedicated to supporting and financing startups. Watt, who launched MoviePass in 2011 with the groundbreaking idea of offering moviegoers a subscription model for unlimited theater access, has now shifted his focus to a new initiative named Share Ventures.
Share Ventures has already attracted nearly $20 million in funding from prominent investors, including Alphabet and Amazon. Watt aims to concentrate on startups in the evolving fields of work and longevity.
He believes that the current landscape, characterized by an AI boom and elevated interest rates, presents an opportunity for a more innovative venture capital approach. As such, Share Ventures is developing its own software and sophisticated language models to streamline its internal operations.
Watt emphasized the advantage of requiring smaller investment funds and the ability to identify promising opportunities early on with minimal capital needed. He stated, “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.”
Highlighting a gap in the industry, Watt noted that while many venture firms are directing money toward new technologies, they often do not fully integrate those technologies into their processes. He remarked that utilizing cutting-edge data and automation in their operations sets Share Ventures apart.
Watt’s interest in health and longevity was sparked by a personal tragedy, having lost his mother at the age of 25 when she was only 49. This experience prompted him to confront his own mortality at a young age.
Reflecting on his time with MoviePass, which he explores in the documentary “MoviePass, MovieCrash,” Watt expressed that the setbacks only fueled his desire to continue innovating. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”