Hamet Watt, co-founder of MoviePass, is moving past the company’s dramatic downfall and is in the process of launching a new venture studio aimed at supporting and funding startups.
Watt, who introduced MoviePass in 2011, which allowed movie enthusiasts to pay a monthly subscription for unlimited access to theaters, is now focused on Share Ventures. He shared with Business Insider that the new firm has already raised nearly $20 million, with investments from notable backers including Alphabet and Amazon. Share Ventures aims to concentrate on startups that operate in the future of work and longevity sectors.
Watt believes that the current landscape, characterized by an AI boom and elevated interest rates, presents an opportunity for a unique venture capital approach. He indicated that Share Ventures will develop its own software and sophisticated language models to enhance its internal processes. He remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” highlighting the benefits of building companies from the ground up with cutting-edge tools.
He noted that while many venture capital firms are investing in innovative technologies, few are fully utilizing them. Watt emphasized the distinctiveness of his methodology, which incorporates new data and automation into the venture capital process.
His personal journey has influenced his focus on health and longevity; Watt experienced the loss of his mother at a young age, which prompted deep reflections on life and mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he explained.
Despite the setbacks faced with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains determined to innovate. He expressed his resolve by asking, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”