The co-founder of MoviePass, Hamet Watt, is moving past the company’s tumultuous downfall and is now focused on launching a new venture studio that aims to nurture and finance startups. Watt, who originally founded MoviePass in 2011 to offer moviegoers a monthly subscription for unlimited theater access, has revealed that his new company, Share Ventures, has already raised nearly $20 million with investments from major backers, including Alphabet and Amazon.
Share Ventures is primarily targeting startups that focus on the future of work and longevity. Watt believes that the current landscape of venture capital, influenced by the AI boom and elevated interest rates, is ideal for a new, differentiated approach. His firm aims to create its own software along with sophisticated language models to enhance its operations and automation efforts.
Watt commented, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He emphasized that this strategy is beneficial for building new companies from the ground up, utilizing advanced tools to drive proactive innovation.
Highlighting the need for change, Watt pointed out that while many venture firms are investing in cutting-edge technologies, they are not actively integrating and utilizing these innovations within their operations. He believes that leveraging novel data and automation distinguishes Share Ventures from other firms.
Watt’s interest in health and longevity was sparked by a personal tragedy—losing his mother at a young age, which prompted him to reflect on mortality. He stated, “When you lose your mom at a young age, it forces you to think about your own mortality.”
Watt’s experiences with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” have only fueled his desire to continue innovating. He poses a reflective challenge to himself: “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”