Hamet Watt, a co-founder of MoviePass, is moving forward from the company’s notable downfall and is in the process of raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011 with the vision of offering moviegoers unlimited access to theaters for a monthly fee, has been diligently working on Share Ventures. This new entity has already secured nearly $20 million in funding from investors including Alphabet and Amazon. Share Ventures is concentrating on startups focused on the future of work and health longevity.
Watt believes that the rising interest rates and the boom in artificial intelligence have created favorable conditions for a different approach in venture capital. He explained that Share Ventures is developing its own software and advanced language models to streamline its internal operations. He indicated that “you don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” which is beneficial for building new companies from the ground up using cutting-edge tools.
He pointed out that while many venture firms are investing in new technologies, they often don’t fully integrate or utilize them in their processes. Watt expressed, “Using novel data and automation in our process is something we think is uniquely special to us.”
His personal interest in health and longevity stems from a tragic loss; he lost his mother at just 25 years old when she was only 49. This experience has deeply influenced his perspective on mortality and innovation.
Reflecting on the lessons learned from the failure of MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate. He contemplates, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”