The co-founder of MoviePass is shifting gears from the company’s well-publicized downfall to focus on a new venture studio aimed at nurturing and financing startups. Hamet Watt, who launched MoviePass in 2011 with the innovative concept of providing moviegoers with unlimited theater access for a monthly fee, is now busy with Share Ventures.
Share Ventures has successfully raised nearly $20 million, attracting investments from major backers like Alphabet and Amazon. Watt has indicated that the new venture will concentrate on businesses related to the future of work and longevity sectors.
According to Watt, the current landscape of venture capital, influenced by the AI surge and rising interest rates, is ideal for a unique approach. He believes that Share Ventures’ strategy of creating its own software and utilizing sophisticated language models for internal processes will allow for earlier identification of opportunities with less capital investment.
He remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” adding that this is beneficial for building companies from scratch while leveraging advanced tools.
Watt pointed out that many venture capital firms are investing in emerging technologies but are not fully integrating or utilizing them in their operations. He emphasized the importance of employing novel data and automation in their processes, which he sees as a distinguishing feature of Share Ventures.
His personal journey also plays a significant role in his career direction. After losing his mother at the age of 25, his interest in health and longevity grew, shaping his perspective on life and mortality.
Reflecting on the lessons learned from his experience with MoviePass, which he recently discussed in the HBO documentary “MoviePass, MovieCrash,” Watt remains motivated to pursue innovation. He relayed a sense of determination to explore new ventures, admitting that while there is a chance of failure, there is also potential for success.