The co-founder of MoviePass is embarking on a new journey, transitioning from the company’s well-known downfall to raising capital for a venture studio focused on supporting startup development.
Hamet Watt, who launched MoviePass in 2011 with the innovative concept of allowing moviegoers unlimited theater access for a monthly fee, revealed to Business Insider that he has been actively involved with Share Ventures. The new firm has already raised nearly $20 million from investors, including major players like Alphabet and Amazon. Watt noted that Share Ventures aims to invest in startups geared towards the future of work and longevity.
According to Watt, the current landscape of the AI boom combined with elevated interest rates has created an opportunity for differentiated venture capital models. Share Ventures is not just investing; it is also developing its own software and complex language models to streamline internal operations. He explained that smaller funds can provide valuable insights into opportunities much more quickly and with less capital, which is advantageous for building new companies.
Watt emphasized that while many venture firms are pouring money into emerging technologies, they often do not implement and utilize these technologies within their own operations. His team aims to leverage novel data and automation to create a unique advantage.
His personal connection to health and longevity was shaped by the early loss of his mother, who passed away at age 49 when Watt was just 25. This experience prompted him to reflect on his own mortality, driving his interest in these fields.
Despite the challenges faced with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate. He has embraced the lessons learned from his previous venture, stating he is ready to explore new endeavors with the acceptance that both failure and success are possible outcomes.