The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s dramatic downfall and is now focused on raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who initially launched MoviePass in 2011 with the concept of allowing moviegoers to pay a monthly fee for unlimited theater access, shared with Business Insider that he has been diligently working on Share Ventures. This new firm has secured nearly $20 million in funding from notable investors, including Alphabet and Amazon. Share Ventures is targeting startups in the areas of future work and longevity.
Watt believes that the current AI boom coupled with high interest rates has created an opportunity for a “differentiated” venture capital model. Share Ventures is developing its own software and complex language models to streamline internal processes. He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” emphasizing the advantages of building companies from the ground up with advanced technologies.
He also noted that while many venture firms are investing in new technologies, they often do not fully integrate or utilize them in their operations. Watt believes that employing unique data and automation gives Share Ventures a distinct edge.
His interest in health and longevity was sparked by a personal tragedy; he lost his mother at the young age of 25. This experience has deeply influenced his perspective on mortality and his professional pursuits.
Reflecting on his experiences with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt expressed that his past failures have only fueled his desire to innovate further. He questions, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”