Hamet Watt, one of the co-founders of MoviePass, is moving on from the company’s turbulent past and is now focused on launching a new venture studio aimed at developing and funding startups.
Watt, who co-founded MoviePass in 2011 with the revolutionary concept of offering moviegoers unlimited theater access for a monthly fee, shared insights about his new endeavor, Share Ventures, with Business Insider. The firm has already raised nearly $20 million in funding, backed by notable investors including Alphabet and Amazon. Share Ventures will concentrate on startups within the future of work and longevity sectors.
Watt believes that the current landscape of venture capital, influenced by the proliferation of AI and elevated interest rates, is paving the way for a unique investment model. This model involves creating proprietary software and utilizing advanced language models to enhance operational efficiencies within Share Ventures. 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 advantages of building companies from the ground up while leveraging innovative tools.
He pointed out that while numerous venture firms are investing in new technologies, few are actively incorporating and utilizing them in practice. “Using novel data and automation in our process is something we think is uniquely special to us,” Watt explained.
Watt’s interest in health and longevity was notably influenced by personal tragedy; he lost his mother when he was just 25 years old. Reflecting on this experience, he acknowledged how it prompted him to contemplate mortality earlier than most.
Despite the challenges faced with MoviePass, which he recently recounted in the documentary “MoviePass, MovieCrash,” Watt remains undeterred. He expressed a strong desire to continue innovating, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”