Hamet Watt, co-founder of MoviePass, is embarking on a new chapter by raising funds for a venture studio designed to support the development and financing of startups, following the company’s notable downfall.
Watt, who founded MoviePass in 2011 to offer a subscription model for unlimited movie theater access, shared with Business Insider that he has been diligently working on Share Ventures, his latest endeavor. The new venture has already obtained nearly $20 million in funding, with significant investment from tech giants Alphabet and Amazon. Watt emphasized that Share Ventures will focus on startups in the areas of future work and longevity.
He pointed out that the current landscape, shaped by an AI boom and elevated interest rates, creates an opportunity for a new approach to venture capital. This strategy will entail developing proprietary software and language models to streamline operations within the firm. Watt noted that this allows for the identification of investment opportunities with less capital.
Watt commented on the limitation of traditional venture firms, stating that while many are investing in emerging technologies, they are not wholly integrating these innovations into their practices. He believes that leveraging unique data and automation is a distinct advantage for Share Ventures.
The personal loss of his mother at a young age sparked Watt’s interest in health and longevity. He expressed that this experience prompted deeper reflections on mortality.
Reflecting on the lessons learned from the challenges faced at MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt remains eager to innovate and take risks in this new venture, aspiring to succeed where he previously faltered.