Hamet Watt, co-founder of MoviePass, is moving forward after the company’s notable decline and is now focused on raising funds for a new venture studio aimed at supporting startups.
Since launching MoviePass in 2011, which allowed subscribers unlimited access to theaters for a monthly fee, Watt has shifted his attention to Share Ventures. The company has already attracted nearly $20 million in funding from notable investors, including Alphabet and Amazon. Watt revealed that Share Ventures will concentrate on startups that focus on the future of work and longevity.
He believes that the current landscape of venture capital, influenced by the rise of AI and high interest rates, is favorable for a distinctive model. To leverage this, Share Ventures is developing its own software and complex language models to streamline its operations. Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” highlighting that the approach allows them to build new companies from the ground up using advanced tools.
Watt noted that while many venture firms are investing in new technologies, they often fail to implement and utilize them effectively. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
His interest in health and longevity was sparked by a personal loss; he lost his mother at the age of 25 when she was just 49. This experience profoundly impacted his perspective on life and mortality.
Reflecting on his time with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt expressed that setbacks only fuel his ambition to innovate. 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?”