The co-founder of MoviePass is moving forward from the company’s notable collapse and is now focused on raising funds for a new venture studio aimed at supporting the creation and financing of startups.
Hamet Watt, who launched MoviePass in 2011 with the vision of offering movie-goers unlimited access to theaters for a monthly fee, shared his new endeavor, Share Ventures, with Business Insider. The startup has already secured nearly $20 million in funding from notable backers, including Alphabet and Amazon. Watt intends for Share Ventures to concentrate on startups related to the future of work and longevity.
Watt believes that the current landscape, influenced by the rise of AI and higher interest rates, presents a unique opportunity for a “differentiated model.” To capitalize on this, Share Ventures is developing its own software and complex language models to streamline its operations, allowing for quicker evaluation of opportunities with less capital investment.
“You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt explained. “For us, that’s advantageous because we’re building companies from the ground up and leveraging advanced tools proactively.”
Moreover, Watt pointed out that while several venture firms are investing in new technologies, many are not effectively utilizing them in their operations.
“Utilizing novel data and automation in our process is something we believe sets us apart,” he stated.
His interest in health and longevity was sparked by personal tragedy, as he lost his mother at 25 years old, when she was only 49. This experience has profoundly influenced his perspective on mortality.
“When you lose your mom at a young age, it compels you to consider your own mortality in ways you may not have been aware of before,” he reflected.
Despite his past struggles with MoviePass, which he discussed in the HBO documentary “MoviePass, MovieCrash,” Watt remains driven to innovate and explore new ventures.
“What have I learned, and what do I have the courage to pursue now — potentially failing but also potentially succeeding?” he said.