The co-founder of MoviePass, Hamet Watt, is shifting focus from the company’s dramatic decline to launching a new venture studio aimed at developing and funding startups. Watt, who co-founded MoviePass in 2011 with the revolutionary idea that moviegoers could pay a monthly fee for unlimited access to theaters, recently spoke with Business Insider about his new endeavor, Share Ventures.
The new company has successfully raised nearly $20 million in funding, with notable investors including Alphabet and Amazon. Watt’s focus for Share Ventures is on startups that operate within the realms of future work and longevity.
He believes that the current landscape, characterized by an AI boom and high interest rates, is ideal for creating a “differentiated model.” Share Ventures plans to develop its own software and complex language models to streamline internal processes.
Watt commented on the advantages of this approach, stating, “You don’t need as large of funds, and you can get a signal on an opportunity much earlier with much less capital.” He emphasized that the company aims to build from the ground up using advanced tools proactively.
While several venture firms invest in emerging technologies, Watt feels that many do not fully integrate and utilize them in their operations. He underlined the significance of employing innovative data and automation, which he considers a unique aspect of their approach.
Watt’s interest in health and longevity was sparked by personal loss; he lost his mother at the age of 25 when she was just 49, which profoundly impacted his perspective on mortality.
Reflecting on his experiences with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt expressed a determination to innovate despite past challenges. He emphasized the lessons learned and the courage to pursue new ventures, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”