Hamet Watt, co-founder of MoviePass, is moving past the company’s dramatic downfall and is currently focused on raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011 with the revolutionary idea of offering moviegoers unlimited access to theaters for a monthly fee, has shared with Business Insider that he is now working on Share Ventures. The new firm has already secured nearly $20 million in funding from notable investors, including Alphabet and Amazon. The focus of Share Ventures will be on startups within the fields of future work and longevity.
Watt believes that the current landscape in venture capital, characterized by an AI boom and elevated interest rates, is conducive to a new, distinctive model. To this end, Share Ventures plans to develop its own software along with advanced language models to automate internal operations. He noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” expressing enthusiasm for building companies from the ground up using cutting-edge tools.
He remarked that while many venture firms are investing in new technologies, they may not be fully utilizing them in their operations. Watt emphasized the significance of employing novel data and automation in their process, which he believes sets Share Ventures apart.
His interest in health and longevity was ignited by a personal loss, as he lost his mother at the young age of 25 when she was just 49. Reflecting on this experience, he expressed that such a loss compels one to confront their own mortality in ways that are often unrecognized until later.
Despite the setbacks faced with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt remains determined to continue innovating. He concluded with a sense of resolve: “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”