The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s dramatic collapse and is currently raising funds for a new venture studio aimed at developing and supporting startups. His new initiative, Share Ventures, has already secured nearly $20 million in funding from notable backers, including Alphabet and Amazon.
Watt, who previously co-founded MoviePass in 2011 with the concept of offering unlimited theater access for a monthly fee, is now focusing on startups related to the future of work and longevity. He believes the current landscape, marked by the AI boom and high interest rates, presents a ripe opportunity for a uniquely differentiated venture capital model. Share Ventures plans to create its own software and complex language models to automate internal processes.
Watt emphasizes that this approach allows smaller funds to generate valuable insights on opportunities much earlier and with less capital. He believes this gives Share Ventures a significant advantage as they aim to build companies from the ground up using cutting-edge tools.
He noted that while many venture firms are investing in new technologies, they often fail to fully integrate and utilize these innovations within their own operations. Watt expressed his belief that leveraging novel data and automation distinguishes Share Ventures from other firms.
Watt’s interest in health and longevity was spurred by the premature loss of his mother when he was 25 years old. This personal experience has shaped his perspective on mortality and his passion for exploring the longevity sector.
Despite the setbacks associated with MoviePass, which he recently reflected on in the documentary “MoviePass, MovieCrash,” Watt remains committed to innovation. He is motivated by the lessons learned from his past and is prepared to embrace new challenges, even if they come with the risk of failure.