The co-founder of MoviePass is moving away from the company’s notable downfall and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who co-founded MoviePass in 2011 with the revolutionary concept of allowing moviegoers to pay a monthly fee for unlimited access to theaters, recently shared with Business Insider that he has been dedicated to Share Ventures. This new entity has already secured nearly $20 million in funding, attracting investors such as Alphabet and Amazon. Watt explained that the venture will concentrate on startups related to the future of work and longevity.
Watt believes that the current trends, including the surge in AI and elevated interest rates, present a favorable environment for a “differentiated model,” leading Share Ventures to develop its own software and sophisticated language models to enhance its internal processes. He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach allows them to build companies from the ground up using advanced tools proactively.
He noted that while many venture firms are investing in new technologies, they are not fully utilizing them within their operations. Watt emphasized that integrating innovative data and automation into their processes sets them apart from other firms.
Watt’s interest in health and longevity was sparked by the early loss of his mother at the age of 25, who passed away at just 49. This personal experience led him to reflect on mortality at a young age, a perspective that he believes has shaped his current endeavors.
Discussing his experience with MoviePass, which he recounted in the documentary “MoviePass, MovieCrash,” Watt expressed how the failure has fueled his desire to continue innovating. He concluded by questioning what he has learned and how willing he is to venture out again, acknowledging that while he may fail, success is also a possibility.