Hamet Watt, co-founder of MoviePass, is moving on from the company’s dramatic collapse and is now working to raise funds for a new venture studio aimed at developing and financing startups.
Watt, who established MoviePass in 2011 by introducing the concept of a monthly subscription for unlimited access to theaters, has revealed to Business Insider that he is focused on his new venture, Share Ventures. The company has raised nearly $20 million, with investment support from major backers like Alphabet and Amazon. Watt indicated that Share Ventures is concentrating on startups within the fields of future work and longevity.
He noted that the current landscape, influenced by the AI boom and high interest rates, presents an opportunity for a differentiated venture capital model. As a result, Share Ventures is creating its own software and leveraging complex language models to enhance its internal operations.
Watt expressed that smaller funds can yield quicker insights into opportunities, allowing for innovation without the need for large capital investments. “For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively,” he mentioned.
Watt observed that while many venture firms are investing in new technologies, they often do not fully integrate or utilize them within their processes. He sees his approach of employing novel data and automation as a unique advantage.
His personal interest in health and longevity stems from the loss of his mother at the age of 25, when she was only 49. This experience prompted Watt to contemplate his own mortality in a way he had not before.
Reflecting on his journey with MoviePass, which he shared in the documentary “MoviePass, MovieCrash,” Watt expressed that the lessons learned from its failure have driven him to continue pursuing innovation. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he questioned.