The co-founder of MoviePass, Hamet Watt, is moving forward following the company’s dramatic decline by launching a new venture studio aimed at developing and funding startups.
Watt, who co-founded MoviePass in 2011 with the concept of offering moviegoers unlimited access to theaters for a monthly fee, is now focused on his new enterprise, Share Ventures. In an interview with Business Insider, he shared that the company has already attracted nearly $20 million in funding from investors including Alphabet and Amazon. Share Ventures will concentrate on startups in the realms of work innovation and longevity.
He believes that the current landscape of high interest rates and an AI surge creates a perfect opportunity for a unique venture model. As a result, Share Ventures plans to develop its own software and advanced language models to streamline its internal processes. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt explained.
Watt pointed out that while many venture firms are investing in new technologies, they often do not fully utilize them in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
His interest in health and longevity stemmed from a personal tragedy, having lost his mother at the age of 25 when she was just 49. This experience prompted him to reflect on mortality and the importance of innovation in health-related fields.
Watt recently discussed his experience with MoviePass, highlighted in the documentary “MoviePass, MovieCrash,” and emphasized that past failures only fuel his determination 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.