Hamet Watt, the co-founder of MoviePass, is moving forward from the company’s dramatic decline by launching a new venture studio aimed at developing and funding startups.
Watt, who introduced the concept of a subscription service for unlimited movie access in 2011, has been working on Share Ventures, which has raised nearly $20 million in funding. Investors include tech giants Alphabet and Amazon. The focus of his new venture is on startups that concentrate on the future of work and longevity.
He believes that the current AI boom and elevated interest rates create an environment where venture capital can thrive on innovative models. Share Ventures aims to develop its own software and sophisticated language models to streamline internal 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 the agility of building companies from the ground up using advanced tools.
Watt noted that while many venture firms are investing in emerging technologies, they often do not integrate or utilize them effectively. He emphasized the importance of employing innovative data and automation in their approach.
His interest in health and longevity stems from a personal loss; Watt lost his mother at the young age of 25 when she was just 49. This experience has profoundly influenced his perspective on mortality. He reflected, “When you lose your mom at a young age, it forces you to think about your own mortality in a way that I don’t know that I was conscious of at the time.”
Despite the challenges faced with MoviePass, which he recently recounted in the HBO documentary “MoviePass, MovieCrash,” Watt feels motivated to continue innovating. He poses the question: “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”