The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s notable collapse and is now focused on raising funds for a new venture studio aimed at supporting and developing startups.
Watt, who introduced the concept of a monthly subscription model for unlimited movie theater access in 2011, has been working diligently on Share Ventures. In an interview with Business Insider, he revealed that the new company has already raised nearly $20 million, with major backing from Alphabet and Amazon. Share Ventures is targeting startups involved in the future of work and longevity sectors.
Watt highlighted that the current economic landscape, marked by the AI revolution and elevated interest rates, presents a prime opportunity for a unique investment model. As a result, Share Ventures is developing its own software and complex language models to streamline its internal processes, allowing for earlier identification of promising opportunities without the need for substantial capital.
He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” Watt believes this approach puts them in an advantageous position for building new companies from the ground up using the latest technological resources.
He criticized many venture firms for investing in new technologies without properly integrating them into their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he noted.
Watt’s interest in health and longevity was sparked by personal tragedy, having lost his mother at the age of 25 when she was just 49. This experience has profoundly influenced his perspective on life and mortality.
Reflecting on his experiences with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt expressed his determination to continue innovating despite past failures. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”