The co-founder of MoviePass, Hamet Watt, is moving on from the company’s notable decline to focus on a new venture studio aimed at developing and funding startups. Watt, who launched MoviePass in 2011 with the innovative concept of allowing moviegoers to pay a monthly fee for unlimited theater access, is now leading Share Ventures.
Watt disclosed to Business Insider that Share Ventures has attracted nearly $20 million in funding from prominent investors, including Alphabet and Amazon. The new venture is concentrating on startups related to the future of work and longevity.
He believes the current environment, marked by an AI boom and elevated interest rates, creates opportunities for a “differentiated” model. As part of this strategy, Share Ventures plans to create its own software and utilize complex language models to streamline internal operations.
“You don’t need as large of funds, and you can evaluate opportunities much earlier with significantly less capital,” Watt explained. “For us, that’s advantageous as we’re building companies from the ground up while leveraging advanced tools.”
Watt noted that while numerous venture firms are investing in new technologies, few are genuinely integrating and utilizing them in their operations. He emphasized that employing novel data and automation in their processes is a unique feature of Share Ventures.
His personal interest in health and longevity was sparked by the early loss of his mother at the age of 49, which prompted him to reflect on mortality. “When you lose your mom at a young age, it compels you to contemplate your own mortality in ways you might not be aware of at the time,” he mentioned.
Despite the challenges he faced with MoviePass, details of which he shared in the documentary “MoviePass, MovieCrash,” Watt remains resolute in his quest for innovation. He stated, “What have I learned, and what do I have the courage to pursue now — and maybe fail, but perhaps succeed?”