The co-founder of MoviePass is embarking on a new journey after the company’s notable decline, launching a venture studio aimed at developing and funding startups.
Hamet Watt, who co-founded MoviePass in 2011 with the concept of offering moviegoers unlimited theater access through a monthly subscription, is now focused on Share Ventures. This new company has raised nearly $20 million, backed by prominent investors including Alphabet and Amazon. Watt indicated that the venture is concentrating on startups in the realms of future work and longevity.
He believes that the current landscape, influenced by the AI surge and high interest rates, presents an opportunity for a unique approach in venture capital. Share Ventures plans to develop its own software and complex language models to streamline its operations.
Watt stated, “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 innovative technologies, they aren’t fully utilizing them in their processes. Watt emphasized that leveraging novel data and automation distinguishes Share Ventures from others.
Watt’s personal loss at the age of 25, when he lost his mother at just 49, sparked his interest in health and longevity. He reflected, “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.”
His experience with the failure of MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” has only fueled his desire to innovate. He expressed his willingness to learn from past experiences and pursue new ventures, acknowledging the possibility of both success and failure.