Hamet Watt, the co-founder of MoviePass, is shifting his focus from the company’s dramatic decline to launching a new venture studio aimed at developing and funding startups. Watt, who established MoviePass in 2011 with the concept of an unlimited theater subscription for a monthly fee, spoke with Business Insider about his new endeavor, Share Ventures.
The new company has already raised nearly $20 million from investors, including major players like Alphabet and Amazon. Watt indicated that Share Ventures will concentrate on startups in the fields of future work and longevity.
He believes that the current climate, shaped by the AI surge and high interest rates, calls for a distinct approach to venture capital. This has led Share Ventures to create its own software along with advanced language models to streamline its internal processes.
Watt emphasized that investing with smaller amounts of capital allows for earlier identification of promising opportunities. He noted, “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 remarked that while many venture firms are backing new technologies, they often fail to adopt and utilize these innovations in their operations. Watt sees his firm’s integration of novel data and automation as a unique advantage.
His personal connection to the health and longevity sectors stems from a poignant experience; he lost his mother at a young age, which profoundly impacted his perspective on mortality.
Watt’s earlier experience with MoviePass, which he explored in the documentary “MoviePass, MovieCrash,” has fueled his desire to continue innovating despite setbacks. He reflected on the lessons learned and the courage to pursue new ventures, acknowledging the possibility of both failure and success.