Hamet Watt, co-founder of MoviePass, is moving beyond the company’s notable decline and is now focused on raising capital for a new venture studio aimed at developing and funding startups.
Watt, who co-created MoviePass in 2011 with the concept of allowing moviegoers to pay a monthly fee for unlimited theater access, has been working diligently at Share Ventures. The new venture has already raised nearly $20 million, with investors including Alphabet and Amazon. Watt revealed that Share Ventures is concentrating on startups within the future of work and longevity sectors.
According to Watt, the current climate of booming AI technology and high interest rates has created an opportunity for a differentiated venture capital model. Share Ventures intends to develop its own software and complex language models to enhance its internal operations. Watt expressed that smaller funds can effectively identify opportunities more quickly, allowing them to build companies from the ground up using advanced tools.
He observed that many venture firms are investing in new technologies but are not fully utilizing them in their operations. Watt emphasized that their unique approach incorporates novel data and automation, which sets them apart.
His interest in health and longevity was sparked by the loss of his mother at the young age of 25, marking a pivotal moment in his understanding of mortality. He reflected, “When you lose your mom at a young age, it forces you to think about your own mortality.”
Watt’s setbacks with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” have only strengthened his resolve to continue innovating. He expressed a desire to learn from past experiences and to have the courage to pursue new ventures, even if that means facing the possibility of failure.