The co-founder of MoviePass is departing from the company’s notable collapse to launch a new venture studio aimed at developing and funding startups.
Hamet Watt, who co-founded MoviePass in 2011 with the innovative concept of offering moviegoers unlimited access to theaters for a monthly fee, spoke with Business Insider about his new endeavor, Share Ventures. The startup has successfully raised nearly $20 million in funding, attracting investors including Alphabet and Amazon. Watt stated that Share Ventures is concentrating on startups involved in future work and longevity sectors.
He believes that the current AI expansion, coupled with high interest rates, has created a suitability for a “differentiated model” in venture capital. As a result, Share Ventures is developing its own software alongside intricate language models to streamline its internal operations.
Watt noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. 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 also pointed out that many venture firms invest in new technologies but fail to fully utilize them. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
His passion for health and longevity was ignited by the early loss of his mother at age 49 when he was just 25. “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,” he reflected.
Watt’s experience with the downfall of MoviePass, which he recounted in the documentary “MoviePass, MovieCrash,” has only fueled his desire to innovate. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he concluded.