Hamet Watt, co-founder of MoviePass, is embarking on a new journey following the company’s downturn by raising funds for a new venture studio focused on supporting the development of startups.
Watt, who launched MoviePass in 2011 with the concept of offering moviegoers unlimited access to theaters for a monthly fee, has been working on Share Ventures, which has successfully secured nearly $20 million in funding from notable investors, including Alphabet and Amazon. The new venture will concentrate on startups within the realms of future work and longevity.
Watt believes that the current landscape, driven by advancements in AI and fluctuating interest rates, presents a ripe opportunity for a “differentiated model” in venture capital. Share Ventures plans to create its own software and utilize complex language models to enhance automations in their internal processes.
He expressed that smaller funds are now more viable and that opportunities can be recognized much earlier with less capital. This approach is beneficial for his team as they aim to develop companies from the ground up while leveraging cutting-edge tools.
Watt remarked that while many venture firms are directing investments toward emerging technologies, they often do not fully integrate or apply these innovations into their operations. He emphasized that the integration of novel data and automation sets Share Ventures apart from other firms.
His personal journey into health and longevity was spurred by the early loss of his mother at the age of 49 when he was just 25. This experience profoundly impacted his perspective on mortality.
Reflecting on the lessons learned from the demise of MoviePass, which he recently recounted in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate. He is ready to explore new ventures, acknowledging the possibility of failure while also holding onto the hope for success.