The co-founder of MoviePass is moving on from the company’s dramatic downfall and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who founded MoviePass in 2011 with the innovative concept of a monthly subscription for unlimited movie access, has been actively involved with Share Ventures, which has secured nearly $20 million in funding. This financial backing includes support from major players like Alphabet and Amazon. Watt stated that the new studio is concentrated on startups in the fields of future work and longevity.
According to Watt, the current landscape marked by the AI surge and high interest rates makes venture capital fertile ground for a “differentiated model.” Share Ventures is thus creating proprietary software along with advanced language models to streamline its operations.
Watt explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. 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 noted that while many venture firms are investing in new technologies, they often do not fully integrate or utilize them in their own processes. “Using novel data and automation in our process is something we think is uniquely special to us,” Watt added.
His personal interest in health and longevity was ignited by the loss of his mother at the age of 25, who passed away at just 49. “When you lose your mom at a young age, it forces you to think about your own mortality, in a way that I don’t know that I was conscious of at the time,” he remarked.
Reflecting on his experiences with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt conveyed that the setbacks have fueled his desire to continue innovating. He emphasized the importance of learning from failure and having the courage to attempt new ventures.